Radical industry shake up proposed by Aussie Royal Commission
Changes range from criminal action in ‘fees for no service’ cases to creating a single disciplinary body
Royal Commission
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AMP sells Australian life and advice business to Resolution
Company shares fell by a quarter after a deal was announced
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Australia eyes insurance cold-calling ban
A ban would have a wide impact as outbound call centres are critical for some life companies
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Life insurance in the firing line of Aussie Royal Commission
A$18.1bn in life premiums paid in 2017
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Aussie Royal Commission: How did we get here and what’s next?
The Royal Commission has shaken consumer confidence in Australia’s wealth market to its core. For Michael Ohanessian, chief executive of Aussie platform Praemium, the key question is: “So, how did we get here?”
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400 advisers in limbo as major Australian IFA shuts its doors
Dover Financial, one of Australia’s largest financial advice firms, has announced it will be closing its business in July amid an ongoing investigation by the country’s corporate watchdog.
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Insurer AMP faces two class action lawsuits
After a bruising appearance at Australia’s Royal Commission, AMP has been served with two class action proceedings, while the firm’s interim chief executive offers a mea culpa and shareholders reject pay proposals.
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Aussie advisers to pay for Royal Commission clean up
Financial institutions and advisers will be hit with higher levies after the Australian Government announced additional funding for two regulatory bodies to support their work with the ongoing Royal Commission.
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ANZ scraps financial planner bonuses
Australia banking giant ANZ has announced it will stop paying bonuses to financial planners selling its products, as it looks to change its banking practices in response to a royal commission focussing on misconduct in the sector.
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Damning revelations from Australia’s Royal Commission
The second week of Australia’s Royal Commission into financial advice was not a let-down after a jaw-dropping first week. Click through the slides below to see what happened…
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Jaw dropping moments from Australia’s Royal Commission
It’s squeaky bum time for senior executives as Australia’s banking, superannuation and financial advice firms face the intense scrutiny of a Royal Commission. Click through the slides below to read some of the incredible moments from the first week of the review into financial advice.
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AMP misleading Aussie regulator could bring ‘jail time’
Australian treasurer Scott Morrison says revelations financial services giant AMP intentionally and repeatedly misled the regulator over advice fees charged to its own customers could result in “jail time”, a sentiment echoed by the regulator.