Original article by Ben Butler
The Australian – Page: 17 & 20 : 17-Oct-18
The four major banks will be a key focus of the Australian Securities & Investments Commission’s investigation into breaches of financial planning fee disclosure requirements under the Future of Financial Advice reforms. It is uncertain as to whether wealth manager AMP will also come under scrutiny by ASIC, which recently advised that it had received a "substantial" number of breach notices from various industry players.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, COUNT FINANCIAL LIMITED, COMMINSURE, RI ADVICE GROUP PTY LTD, MILLENNIUM 3 PTY LTD, IOOF HOLDINGS LIMITED – ASX IFL, ANZ FINANCIAL PLANNING