Recent legal cases involving Westpac and BT put to rest any view that ‘caveat emptor’ (buyer beware) applies to ‘no’ and ‘general’ advice service models, even though those models do not attract a best interests duty.
It is better for management and regulatory bodies to work together to preserve the innovative engines of Facebook and Google, not impose painful government intervention.
Labor is proposing to cap at $3,000 the amount that can be claimed as a tax deduction for managing tax affairs. There are many circumstances where taxpayers need to spend more than this.
Australia’s major banks face many challenges but they are strong and remarkably adaptive and resilient. They have also finally accepted they are too big to behave badly.
A recent case highlights the importance of SMSF trustees exercising discretion to pay death benefits in good faith, with real and genuine consideration and in accordance with the purpose of the conferred power.
An inducement offer by a super fund is currently active, and it is creating confusion about what marketing is permissible, given that previously, regulators held such to be in violation of the sole purpose test.
What is the difference between ESG as measured by the Dow Jones Sustainability Australia Index, and taking an approach that includes ethical factors?
Professor Pamela Hanrahan of the UNSW provided much of the background material used by the Financial Services Royal Commission, and she reviews the final outcome in this BusinessThink interview.
Ken Henry deserves to be remembered for a remarkable contribution to Australia including the GFC rescue package, not for a few hours of misjudgement at the Royal Commission, being true to form.
There is much to admire about the work of the Royal Commission, but in recommending a ban on banks paying commissions to mortgage brokers, he has underestimated the role they play.
The tax benefits of holding money in an SMSF come with a responsibility to follow the rules, and the penalties can be severe for what seem like innocent or mistaken breaches.
The Royal Commission did good work but it is not above criticism: faced with limited time, it spent too long on some subjects and missed crucial issues that will impact millions.
After a year of analysing financial services like it has never been done before, the RC Final Report was released today with 76 recommendations which are expected to be adopted. What will change?
The big institutions looked outside banking for growth, but found complex conglomerate structures hard to manage and needing different skills. Now it’s back to basics, just as another challenge looms.
Wealth management businesses can be profitable and part of a vertically-integrated financial services offer by banks. They could present their best products as being in the best interests of their clients.
Commissioner Hayne struggles to define ‘culture’ but it’s important because it will guide behaviour long after the Final Report is gathering dust.