Ongoing coverage and expert comment on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
ASIC's case against CBA and CFS Investments filed in the Federal Court on Tuesday is based on Kenneth Hayne's assessment of a fee arrangement he deemed to be conflicted even though it didn't directly incentivise recommendations.
Matthew SmithJune 23, 2020
Hayne’s benign take on the separation of product and advice left the door open for conflicts of interest in managed accounts to continue. Not everyone is convinced that this is a problem.
Tahn SharpeFebruary 13, 2019
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
A PwC report reveals that institutionally owned wealth management businesses were still incredibly profitable in the lead-up to divestment in 2018.
Tahn SharpeJanuary 15, 2019
Creating robust risk management and continuous compliance cultures and systems is how advice practices can maintain and increase their value, even as other firms sell at a discount.
Matthew SmithDecember 12, 2018
By shedding light on hidden admin fees, one prominent fund manager is hoping to quicken cultural the change he believes is necessary for the industry to advance.
Matthew SmithDecember 6, 2018
The former chief of the standards body says he wanted to do more than just make the rules. Speaking at Deloitte, he expressed clear ideas about what the industry needs.
Tahn SharpeNovember 29, 2018
Chris Bowen will listen but he's been 'around the track', as he puts it, enough times not to allow a lobby fuelled solely by self-interests to sway him.
Matthew SmithNovember 23, 2018
The association has been focusing on building its younger membership base in recent years, at a time when many older advisers are looking for the exit.
Matthew SmithNovember 22, 2018
ClearView’s LaVista is the latest entry in dealer-to-dealer services, as institutions hedge their bets on future business models by partnering with firms wanting to go it alone.
Matthew SmithNovember 16, 2018
The commissioner reached out to Sunita Sah for help on dealing with advice conflicts; she told him disclosure won’t work and neither will education or penalties.
Tahn SharpeNovember 13, 2018
The NAB chief called a $360 million remediation bill a “disappointing outcome” during the bank’s 2017-18 results announcement but celebrated the decision to offload the wealth arm.
Tahn SharpeNovember 1, 2018
In all of Kenneth Hayne’s comments throughout the royal commission hearings and in the interim report, his views on the regulator were the most emphatic, Matthew Smith writes.
Matthew SmithOctober 30, 2018
Members making claims without realising they are no longer insured is one negative effect Rice Warner says would rise from planned reforms.
Ben HurleyOctober 18, 2018
Shayne Elliott was largely uncontested on the stand in Canberra on Friday, until he was called out for using shareholder duty as a reason for past discretions.
Tahn SharpeOctober 12, 2018
The ability to prove rigorously that a product recommendation is in a client’s best interests does not currently sit within an adviser’s toolkit – that needs to change.
Matthew SmithOctober 3, 2018
A high proportion of advisers will change their business models within the next 18 months, a PP Online poll reveals.
Tahn SharpeSeptember 28, 2018
Buyers of advice businesses want to build scale despite the uncertainty that's hovering over the industry, they're just taking care to be smart about it.
Matthew SmithSeptember 26, 2018
New research shows the compliance burden and FASEA’s impending standards are the greatest perceived threats to growth. Advisers will look to licensees for help.
Tahn SharpeSeptember 24, 2018
The insurer hired a private investigator and used medical professionals to find evidence that would allow it to discontinue an expensive claim.
Ben HurleySeptember 14, 2018
AMP and Commonwealth Bank’s Colonial First State were singled out by a law firm that could file class actions in which “a third of adult Australians” could be eligible.
Matthew SmithSeptember 11, 2018
The fist insurance round of the Hayne royal commission got under way with council assisting Rowena Orr producing a long list of admitted wrongdoing by industry giants.
Ben HurleySeptember 10, 2018
The fallout from the revelations of the royal commission won’t lead to a boon for newer funds targeting the younger age cohort, according to Grow Super’s Joshua Wilson.
Alice UribeAugust 29, 2018
Proposed bank spinoffs and disposals, along with the exit of a top-10 dealer group, have the industry in flux. Here’s what advice ownership could look like in 2019.
Tahn SharpeJuly 3, 2018
Politicians will have plenty of motivation to drop the hammer on the financial planning industry, the architect of the Future of Financial Advice reforms told Professional Planner.
Matthew SmithJune 21, 2018
The FPA and ASIC have drawn a line in the sand. The time has come to end grandfathered commissions, they say, but many predict harmful unintended consequences. Matthew Smith writes
Matthew SmithJune 20, 2018
Issues that arose during the royal commission public hearings might have been treated differently had a profession, as defined here, existed at the time.
Simon HoyleJune 19, 2018
Advisers need to demystify planning and educate the wider public on what great advice can do for them. But they need assistance, and that’s where licensees come in.
Tahn SharpeJune 4, 2018
The days of subsidised advice within vertical integration may be numbered. As the industry evolves, licensees will have to do more to show their usefulness.
Ben PowerMay 23, 2018
Advisers are left to speculate about reform recommendations while they endure months or more of dread before Kenneth Hayne files his report.
Andrew MainMay 9, 2018