All posts tagged "best interests"
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799Market InfrastructureMAS Issues Guidance on Investment Suitability, Pricing in Private Banking
MAS looks to private banks’ boards and senior management to ensure the effectiveness of policies, processes, controls and systems in sales and advisory practices, and to shape the staff behaviour.
February 17, 2020 -
265Australia & NZAMP Ordered to Pay A$5m Penalty for Insurance Churn
A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.
February 6, 2020 -
291EnforcementSFC Suspends RHB Securities AE for Unauthorised Discretionary Trades
The account executive conducted discretionary trades for a client account for almost two years without obtaining written authorisation.
January 30, 2020 -
311Australia & NZNAB Units Face Class Action for Mismanaged Superannuation
The case will focus on NAB's alleged failure to transfer A$6.3mn of accrued default amounts to MySuper in a timely fashion, as required by law.
January 27, 2020 -
231Australia & NZASIC to Audit Broker Sales of Listed Investment Funds
ASIC is reviewing whether sales commissions paid by fund managers to brokers or financial advisers to sell funds compromise the best interests of investors.
January 14, 2020 -
213Australia & NZ
Superannuation Advice to Members ‘Generally Appropriate’: ASIC
ASIC’s survey of 25 superannuation funds found that close to half of them followed best interest duty rules in the provision of financial advice to members.
December 4, 2019 -
316Australia & NZAPRA Proposes Best Interests Duty for Insurance in Superannuation
Superannuation funds which use related parties to deliver insurance will need to certify that the arrangements are in the best interests of members.
November 26, 2019 -
240Australia & NZASIC Wins Appeal in Westpac Super Switching Case
The ruling could limit the ability of financial services firms to market and cross-sell investment products using the 'general advice' allowance under the law.
October 29, 2019 -
322Australia & NZAustralia to Ban Grandfathered Conflicted Remuneration from 2021
The bill to end the payment of grandfathered conflicted remuneration to financial advisers has now passed in the Senate, after passed in the House of Representatives last month.
October 19, 2019 -
292Australia & NZAustralia to Introduce Best Interests Duty for Mortgage Brokers
Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.
August 27, 2019
