The judge was satisfied that Equity suffered “loss and damage” as a result of AMPFP’s breach of contract, while the language used for the licensee’s treatment of Wealthstone was even stronger. AMP acknowledged the result, and did not rule out an appeal.
The barriers to enter the advice profession differ significantly between the two nations, as do the regulatory parameters. Despite the differences, the US and Australian advice industries have a big problem in common.
While finding that more research is needed to determine if the “definitions, metrics and formulas” used to calculate levies remain fit‑for‑purpose, Treasury was able to determine that advisers should no longer benefit from discounted levies.
The controversial, long-delayed scheme doesn’t protect consumers from high profile managed investment scheme failures like Sterling and Timbercorp, FAAA CEO Sarah Abood said, and could end up adding another layer of unfair fees at the feet of advisers.
The public appears to be rewarding efforts to reshape the financial advice and banking industries after the royal commission, with advisers and the banks both enjoying an increase in faith across the community.
Stakeholders have welcomed a recommendation from the Senate Economics Legislative Committee that the government review its controversial plan to limit franking credits stemming from capital raisings and share buybacks.
Financial services minister Stephen Jones has accepted 14 of Michelle Levy’s 22 recommendations to increase advice access, with super funds set to play an expanded role and advisers benefitting from a drastic cut to red tape. Banks and insurers, however, have had their advice reform hopes dashed – for now.
On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.
Product distribution is still embedded in advice, but with banks out of the game expansive product flogging programs are no longer ubiquitous. Businesses are growing based on their advice proposition now, with investment products increasingly put to the side.
A desire to flaunt ubiquitous wealth on social media is putting moneyed families at risk, according to family office representatives, with extortion and kidnapping “a legitimate concern”.
