All posts tagged "Financial Advice"
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248Australia & NZFMA Approves Over Half of NZ Advisers Under New Regime
The new financial advice regime is not expected to start until after March 2021, but the FMA has already approved transitional licence applications accounting for more than half of NZ's financial advisers.
May 18, 2020 -
312Australia & NZ
New Zealand to Nearly Double FMA Funding Over Three Years
The FMA’s funding is being increased over three years to minimise the burden on the financial sector entities who pay levies, where most of the new funding will come from.
May 15, 2020 -
527Australia & NZ
New Zealand Delays New Financial Advice Regime
The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during "this difficult time", the FMA says.
March 27, 2020 -
502Australia & NZASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report
Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.
February 26, 2020 -
760Australia & NZ
Bill Passes to Enhance ASIC’s Fintech Regulatory Sandbox
Under the amendments, firms will be able to test a wider range of new financial and credit products and services without a licence from ASIC, for a longer time.
February 12, 2020 -
351Australia & NZ
New Zealand Consults on Options to Increase FMA Funding
Under the base case, the FMA needs an additional NZ$20mn in annual funding to respond to cost pressures brought on, in part, by the new financial advice regime.
February 3, 2020 -
329Australia & NZ
ASIC Bans Adviser for Bad Investment Recommendation
A 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, 2020 -
434Australia & NZ
ASIC Bans Ex-AMP, NAB Adviser for Four Years
An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.
January 9, 2020 -
848Australia & NZ
ASIC Publishes Findings from 2019 Regtech Initiatives
Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an 'imperative' to undertake risk management and compliance functions.
December 25, 2019 -
372Australia & NZWestpac Ordered to Pay A$9.15m Penalty for Poor Advice
In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank's adviser.
December 20, 2019
