FINANCIAL PLANNERS – AUSTRALIA – REGULATION

ASIC forced to fold on reform plan

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Original article by Anthony Klan
The Australian – Page: 22 : 3-Dec-14

The Australian Securities & Investments Commission (ASIC) will not go ahead with the proposed Consultation Paper 212 regulations, which were designed to lift the level of professional qualifications to be held by financial planners. ASIC maintains that the decision is due to the Federal Government failing to get amendments to the Future of Financial Advice laws passed by the Senate, making the issue less urgent. However it has emerged that nine industry bodies wrote to the watchdog in 2013 and argued against the push

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, AUSTRALIA. DEPT OF THE TREASURY

Life advice so bad it was illegal: ASIC

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Original article by Andrew Main, Ben Butler
The Australian – Page: 21 : 10-Oct-14

Peter Kell, deputy at the Australian Securities & Investments Commission, says a new survey of the life insurance industry shows that standards are disappointingly low. The advice given to some 37% of consumers on such policies was so deficient that it actually contravened the relevant laws. Kell points out that the new Future of Financial Advice legislation puts the onus on providers to act in the best interests of their clients, and that the sector must act to improve its compliance

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL SERVICES COUNCIL, ASSOCIATION OF FINANCIAL ADVISERS LIMITED, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED

ASIC taking strong action

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Original article by Nassim Khadem
The Australian Financial Review – Page: 11 : 1-Aug-14

Greg Tanzer of the Australian Securities & Investments Commission (ASIC) has issued its report on regulation of the financial planning profession, for the six months ending 30 June 2014. A total 256 enforcement actions were taken by ASIC, with 173 of these relating to small business operators. During the half-year 28 individuals were banned from providing financial advice. The watchdog has to contend with budget cuts of $A120m as well as recent amendments to the Future of Financial Advice laws

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VIRGIN MONEY (AUSTRALIA) PTY LTD, GE MONEY, AUSTRALIAN LABOR PARTY

CBA on track for planners: Norris

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Original article by Steve Creedy
The Australian – Page: 21 : 14-Jul-14

New Commonwealth Bank of Australia (CBA) CEO Ian Narev has issued an apology to customers affected by malpractice in its financial planning division between 2006 and 2010. The CEO at that time, Sir Ralph Norris, has now commented that he approves of Narev’s efforts in dealing with the scandal. It may cost the bank more than twice the $A52m already paid in compensation to the victims. CBA has also asked ex-High Court judge Ian Callinan to head a review of any further complaints. Sir Ralph says he was advised in 2010 that the matter was with the Australian Securities & Investments Commission

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH FINANCIAL PLANNING LIMITED

CommBank covered up scandal

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: Jan-45 : 27-Jun-14

A Senate report is critical of Commonwealth Bank of Australia and the Australian Securities & Investments Commission (ASIC). The findings by the Senate economics committee were tabled on 26 June 2014. The report called for a royal commission, saying that the bank tried to avoid investigation of its financial planning subsidiary. The regulator was criticised for its slow action on the issue. The report made 61 recommendations for ASIC and the financial planning industry

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Ban on financial fees

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 and 4 : 20-Jun-14

The Australian Government will wind back key measures of the Future of Financial Advice reforms, including the requirement that financial planners must act in the best interest of clients. Planners will also be barred from receiving up-front or trailing commissions for providing general advice to clients, while the requirement that clients must "opt-in" to receive financial advice will also be scrapped

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIAN BROADCASTING CORPORATION, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN CONSUMERS’ ASSOCIATION, NATIONAL SENIORS AUSTRALIA LIMITED, COUNCIL ON THE AGEING