ASIC provides update on further reviews into fees-for-no-service failures

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ASIC yesterday released an update on the fees for no service (FFNS) further review programs undertaken by six of Australia’s major banking and financial services institutions. ASIC’s ongoing supervision of the review programs undertaken by AMP, ANZ, CBA, Macquarie, NAB and Westpac (the institutions) has shown that most of the institutions are yet to complete further […]

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ASIC update on implementation of Royal Commission recommendations

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ASIC yesterday provided an update on its planned actions responding to the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). ‘This update is a crucial document for ASIC as it highlights our important work to date of putting ASIC on a more effective strategic […]

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Lesson from the Royal Commission: Companies with good culture don’t rip off their customers and outperform the market

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The findings of the Royal Commission have provided investors with a lot to consider with regard to corporate culture which, according to a leading global equities firm, is one of the most important factors to consider when picking stocks. WCM Investment Management, a California-based global equities firm that manages over AUD42bn, believes one of the […]

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ASIC to pursue harsher penalties after laws passed by Senate

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ASIC will shortly be able to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law, after a significant bill passed the Senate last night. The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 implements recommendations of the ASIC Enforcement Review Taskforce by […]

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ASIC announces preparations for Brexit

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The United Kingdom (UK) is scheduled to leave the European Union (EU) on 29 March 2019 (‘Brexit’). The terms of the UK’s exit remain subject to ongoing negotiation between the UK and EU with a range of outcomes possible. ASIC is carefully monitoring developments in the UK and has been liaising closely with the UK Financial […]

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Synchron responds to Banking Royal Commission Final Report

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Synchron believes the Royal Commission Final Report will act as a catalyst to move the advice profession forward. “We have experienced many years of upheaval and reform but now have some certainty around how the advice profession can move on from the past and into a better future,” said Synchron Director, Don Trapnell. Mr Trapnell […]

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Royal Commission response from Integrity Life

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According to Integrity Life MD, Chris Powell, the recommendations in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will herald some positive changes for life insurance customers, and come at a time where the industry is already undergoing a shift in its models. “There has never been a […]

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Statement from ASIC Chair James Shipton on the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

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ASIC has welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and acknowledged its important work. ASIC will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government’s response, will inform ASIC’s priorities and strategic direction moving forward. The Royal […]

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Royal Commission final report – a catalyst for change

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The Royal Commission has been a catalyst for change across the financial services sector and within AMP. The outcomes of the final report provide greater certainty and will help to restore confidence and stability to Australia’s financial system. AMP will work constructively with the government, regulators, advisers, trustees and other bodies to ensure that, as […]

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Synchron calls on life insurers to back the separation of risk and financial planning advice

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Synchron is urging life insurers to back its call for the separation of risk advice and financial planning advice. “Australians need access to both life insurance advisers and financial planning advisers, but in our experience, these are usually two separate people and two separate disciplines,” said Synchron Director, Don Trapnell. Mr Trapnell argued that if there […]

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