The adviser monitoring and supervision practices at RI Advice, recently sold to IOOF by ANZ, has been revealed to be inadequate at royal commission hearings.
The Financial Services Council has welcomed the government’s decision to increase civil and criminal penalties for misconduct in the wake of the royal commission.
Westpac/BT toyed with the idea of removing revenue from its salaried planners’ remuneration but ultimately rejected the idea, the royal commission has heard.
ASIC will be able to jail corporate criminals for as long as 10 years under changes to the Corporations Act announced by the government today.
Westpac has admitted its system for monitoring its salaried advisers failed as the royal commission heard evidence from an aggrieved customer of the bank who lost her family home.
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