An Australian financial planner is suing his former employer Westpac Institutional Bank for A$800,000 ($591,704, £444,479) on the grounds that his colleagues gave him bad advice about investing in structured financial products.
Australian financial advisers JBWere, a unit of National Australia Bank (NAB), plans to revamp its remuneration structure and cut adviser commission rates in line with changes in the domestic and global regulatory environment.
The Australian Securities & Investments Commission (Asic) has commenced proceedings against Macquarie Investment Management relating to a A$30m (£15.3m, $22.4m, €19.9m) investment in a Cayman Islands-based fund.
To be introduced in the UK in April 2017, the Lifetime Isa (Lisa) is intended to incentivise people to save for their first home, their retirement, or both. But research published by the independent Pensions Policy Institute (PPI), sponsored by Royal London, compares the tax-free savings scheme with its international counterparts and highlights some challenges…
The Australian corporate regulator has decided to prosecute a financial advisory business for alleged breaches of a new law which requires firms to ensure their advisers put the interests of clients first.
Varying tax and regulatory issues across the region could disrupt the Asia Region Funds Passport initiative, according to Mostapha Tahiri, chief executive and head of asset and fund services for Asia at BNP Paribas Securities Services.
ANZ Banking Group is looking to sell its life insurance and pension product unit, valued at up to $4bn (£2.76bn, €3.6bn), say media reports.
HSBC Bank in Australia has reached a deal with the industry regulator to compensate clients who received “potentially deficient advice” on retail structured products sold between January 2009 and March 2013.
The number of investment scams detected in Australia doubled in 2015 and overtook dating and romance scams as the category with the largest financial losses reported by Australians.
British expats living in Australia could see their retirement plans derailed following legislation curbing the amount they can save into their pensions.
The US-based partnership of independent wealth management firms, Focus Financial Partners, has expanded its international network to Australia by signing up the Melbourne-headquartered MW Lomax Group.
Janus Capital International has announced the launch of the Janus Absolute Return Income Fund across various European markets, including the United Kingdom.
