FINANCIAL PLANNERS – AUSTRALIA

Confusion with Financial Planner independence continues

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 4-Aug-14

A Roy Morgan Research Consumer Single Source survey has found that considerable confusion remains among the users of Australian financial planners regarding the extent to which the planner is perceived to be independent. This is particularly so when the financial planner is branded differently to its parent company. For example, 55 per cent of clients of Commonwealth Bank-owned Financial Wisdom consider it to be independent, while just 14 per cent of clients consider Commonwealth Bank-branded planners to be independent

CORPORATES
ROY MORGAN RESEARCH LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FINANCIAL WISDOM LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, GODFREY PEMBROKE FINANCIAL SERVICES LIMITED, RETIREINVEST PTY LTD, COUNT WEALTH ACCOUNTANTS, AMP LIMITED – ASX AMP, CHARTER FINANCIAL PLANNING LIMITED

CBA exposed to flood of claims

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Original article by James Eyers, Phillip Coorey
The Australian Financial Review – Page: 1-Jun : 4-Jul-14

Commonwealth Bank of Australia (CBA) has announced a new compensation program. CEO Ian Narev said on 3 July 2014 that the bank is determined to rectify the problem of inappropriate advice being given to clients by the bank’s financial planning subsidiaries. Under the new program, customers who received advice between 1 September 2003 and 1 July 2012 can apply to the bank for an internal assessment

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, MAURICE BLACKBURN PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED

ASIC win as adviser jailed for six years

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Original article by Anthony Klan, Richard Gluyas
The Australian – Page: 19/27 : 1-Jul-14

A financial adviser received a jail term of six years and two months in the New South Wales District Court on 30 June 2014. Brian Veitch pleaded to guilty to 22 charges including fraud. He siphoned $A500,000 from client accounts while a financial adviser at WealthSure between 2005 and 2010. On 1 July, the Federal Government will introduce to the Senate its changes to the Future of Financial Advice laws

CORPORATES
WEALTHSURE PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CREDIT SUISSE (AUSTRALIA) LIMITED, DISTRICT COURT OF NEW SOUTH WALES, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN LABOR PARTY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF FINANCE