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Politicians are called to "Enforce the Law" on "Banks and Bankers"
UPDATE: Early in 2015 we published this article, outlining the corruption in the banking sector and how the banks have been able to get away with the taking of peoples businesses, lively hoods,...
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Ex-ANZ financial adviser Melinda Scott jailed until 2018 for 22-year, $6m fraud
For 22 years Sydney financial adviser Melinda Scott siphoned millions of dollars out of her clients' superannuation funds – spending the money on property, family holidays and private school fees. On...
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Finanical advisers register to operate on honesty system
A national register of financial advisers, which the government pitched as a key weapon in its fight to boost consumer protection, will operate on an honesty system with zero oversight. The Australian...
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CBA issues initial client assessments
The first assessments of the CBA’s Open Advice Review (OAR) are now in the hands of affected clients, but the process is expected to drag out well into late 2016, says the bank’s chief executive Ian...
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System damned by planner's decades of fraud
It seems incredible that a financial adviser could continue to rip off clients for two decades. Such was the case with Sydney financial planner Melinda Scott, who was sentenced to a minimum three years...
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Josh Frydenberg rebuffs calls for financial planning commission
The government is resisting renewed calls for a royal commission into financial advice after revelations of misconduct at National Australia Bank, saying it is already responding to problems in the...
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National Australia Bank will need more than remorse to satisfy Senate grilling
National Australia Bank executives will need to pull a rabbit out of a hat when they front a Senate estimates hearing on Friday to explain serious misconduct in its financial planning division. The...
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Why the big banks need to compensate the little people
Australia's banks are not meeting their social and moral obligation to victims of financial misconduct. Nightmares should not last for 12 years. When Kevin made the fateful mistake of trusting the...
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Government sends clear message to financial planners: lift your game or...
The federal government has endorsed proposals to raise the professional, ethical and education standards of financial planners, and will require planners to be degree-qualified, pass an exam, undertake...
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ASIC clarification splits advice sector
Financial advice groups affected by ASIC’s clarification of section 923A of the Corporations Act have diverged into two camps on how to respond to the development. Last week, ASIC unveiled its position...
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