A ban on banks paying inducements to distributors, brokers and investment advisors would fundamentally change banking business models.
January 12, 2023The Federal Court ruled that ASIC failed to establish that CBA received conflicted remuneration when distributing Colonial First State's superannuation product.
October 3, 2022Advisers will have to provide customers with suitable product options from at least three different providers for each class of insurance or takaful business being recommended.
April 29, 2022ASIC will be able to limit a corporate director’s CCIV operations to one CCIV with a single sub-fund if the corporate director fails to demonstrate 'organisational competence' and capacity.
March 22, 2022Advisers will have to provide customers with suitable product options from at least three different providers when recommending insurance or takaful products.
August 16, 2021Australia's largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
February 17, 2021Increased regulatory pressure and growing competition from new players could cost incumbent banks 5% of their revenue over the next 3-5 years, says a new report from Accenture.
March 11, 2020A former adviser of NAB-owned Godfrey Pembroke failed to act in his clients' best interests by recommending they invest in a mobile payments start-up that later failed.
January 29, 2020A new BNM policy document sets out expectations for financial firms to prioritise the interests of financial consumers and effectively manage conduct risks.
November 11, 2019A consultation proposes the creation of a nomination committee comprising external experts to recommend a self regulatory organisation for mutual fund distributors and advisers to curb mis-selling.
April 2, 2019