Financial adviser bans on the rise but ASIC says it needs more powers
The corporate watchdog is banning an increasing number of financial advisers over misconduct, but wants more power to go after the banks that hire them.
The corporate watchdog is banning an increasing number of financial advisers over misconduct, but wants more power to go after the banks that hire them.
The Commonwealth Bank's compensation bill for victims of bad financial advice has risen to $29 million but victims say they were excluded from the outset.
National Australia Bank is facing fresh claims its financial planners have falsely certified customer ID documents, in a potential breach of anti-money laundering rules.
The competition watchdog is pushing to have its case against the nation's biggest milk processor heard before a class action threatens to drag the matter out.
A new compensation scheme for victims of bad financial advice needs to be considered to restore trust in the financial sector, the head of the government's financial review panel says.
A former NAB financial planner has been permanently banned from the industry after pleading guilty to misappropriating $2.3 million in client funds. Another is fighting a ban in Melbourne.
NAB financial planners have been caught back-dating signatures on legally-binding superannuation documents in a breach of the bank's code of conduct.
AMP says it will expand its financial advice business as part of a new turnaround strategy, despite pressure on the banks to address conflicts of interest inside their wealth divisions.
ANZ Bank chairman David Gonski is urging the government to enshrine in law its commitment not to raise the rate of the bank tax, in a concession lenders cannot stop the levy from going ahead.
Some $50 billion has been wiped off the combined market value of Australia's major banks since their highs at the start of this month, as investors eye a more challenging outlook for the big four.
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