Fees for no service

Industry

Royal commission costs tick over $500 million for AMP

The bank’s annual results also revealed net cash outflow of $3.968 billion from Australian wealth management, compared with $931 million net cash inflows the previous year.

Matthew Smith and Tahn SharpeFebruary 14, 2019

Royal Commission

Crackdown on grandfathering, fees to feed billions into super

Hayne’s recommendation to end pre-FoFA commissions and fees-for-no-service could generate $3.7 billion in remediation and send $1.1 billion a year flowing back into super balances.

Tahn SharpeFebruary 7, 2019

Royal Commission

Hayne throws doubt over AMP BoLRs

The Commissioner's view that client fees shouldn’t be seen as a tradable asset by advisers and wealth firms appears to undermine the BoLR-style of agreement.

Matthew SmithFebruary 6, 2019

Royal Commission

‘This cannot continue’: Hayne dresses down advice

Institutions will continue to own advice businesses but their models will be tested as new expectations for disclosure and service agreements emerge in a heavily regulated environment.

Matthew SmithFebruary 4, 2019