ANZ to reimburse Prime Access clients after review identifies documented annual review not provided

ANZ yesterday confirmed it will be reimbursing some Prime Access clients after it identified the documented annual review, part of a package of services, had not been provided. Prime Access is a fee-for-service package introduced in 2003 and includes priority access to financial planners, investment monitoring alerts and a documented annual review. In accordance with its […]

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ASIC increasing use of behavioural economics across its regulatory business

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ASIC yesterday released two reports of behavioural economics (BE) research experiments conducted as part of its push to better understand market and consumer behaviour. The behavioural experiments conducted by the Queensland Behavioural Economics group (QuBE), were commissioned to explore: possible behavioural ‘biases’ impacting consumer decisions about investing in hybrid securities rather than bonds or shares. A […]

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ASIC takes action on deficient advice on complex structured investment products

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ASIC concerns about financial advice relating to complex products has led to 10 licensees undertaking corrective action. ASIC released a report in December 2013 which looked at advice provided by 10 licensees in relation to retail structured products. These are investments whose value is based on the movement of underlying assets such as a share […]

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Update on the implementation of ASIC register for financial advisers

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The corporate regulator, ASIC, is well advanced with work on an industry-wide public register of financial advisers to be up and running at the end of March. The Government announced plans to establish the register in October 2014, and intends to make regulations relating to the register in coming days. ASIC is working with licensees […]

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ASIC ensures QBE meets expected outsourcing standards for dispute resolution

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QBE Insurance (Australia) Limited (QBE) will make changes to its outsourcing of escalated complaints and dispute resolution after ASIC raised concerns about the manner in which it had outsourced complaint and dispute resolution to an external Australian law firm. In particular, ASIC was concerned that some QBE customers were receiving written communication on the letterhead […]

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Bombora to respond to Trowbridge Report – Handley encourages industry submissions

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Bombora Advice (Bombora) Managing Director, Wayne Handley, has confirmed that he will be submitting a response on behalf of the dealer group’s adviser network to the “Interim Report” issued by John Trowbridge on December 17th.  Furthermore, he encourages industry stakeholders to review the report and respond accordingly. Although the deadline of January 30 is fast […]

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ASIC cancels registrations of SMSF auditors

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ASIC has cancelled the registration of 440 Self-managed superannuation fund (SMSF) auditors who did not undertake or pass a competency exam necessary to retain their registration. ASIC has also disqualified two SMSF auditors whose application for registration had overstated the number of SMSF audit reports issued by them in the preceding 12 months, thereby avoiding […]

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ASIC class order clarifies fee and cost disclosure requirements

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Following a review of fee disclosure practices, ASIC today released a class order clarifying key fee and cost disclosure requirements for Product Disclosure Statements (PDS) and periodic statements for superannuation and managed investment products. The class order, which ASIC consulted on in September 2014, addresses: Disclosure of costs of investing in interposed vehicles Disclosure of […]

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The Murray Report’s recommendation to ban SMSFs from borrowing is inconsistent

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The Murray Report’s recommendation to ban SMSFs from borrowing is inconsistent and based on a flawed approach to the regulation of the superannuation system. The Report’s argument that superannuation should be treated as a savings vehicle for retirement income rather than a broader wealth management vehicle is a totally new way of viewing the role […]

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ASIC explained: What does it do and why should Australians care?

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Greg Medcraft, Chairman, Australian Securities and Investments Commission gave a speech yesterday to the National Press Club of Australia, in Canberra. He discussed three main topics: ASIC’s role and why we matter to Australians our challenges to ensuring that investors have trust and confidence in our markets, and how we respond to those challenges – […]

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