Round 2 hearings

Financial advice

The second round of public hearings were held in Melbourne at the Owen Dixon Commonwealth Law Courts Building at 305 William Street from Monday 16 April to Friday 27 April 2018.

The second round of public hearings considered the conduct of financial services entities that provide financial advice to consumers, including the treatment of consumers, compliance with the law and community standards and expectations, and the sufficiency of the current legal and regulatory structure.

The Commission referenced the below case studies in Round 2. Written submissions from parties granted leave to appear for Round 2 are available below.

 

Topic

Case Studies

1.

Fees for no service

  • AMP, AMP Financial Planning Pty Ltd, Charter Financial Planning Ltd and Hillross Financial Services Ltd
  • CBA, Commonwealth Financial Planning Ltd and Count Financial Planning

2.

Investment platform fees

  • AMP
  • CBA

3.

Inappropriate financial advice

  • ANZ, RI Advice Group Pty Ltd and Millennium 3 Financial Services Pty Ltd
  • Westpac and BT Financial Group
  • AMP, AMP Financial Planning Pty Ltd, Charter Financial Planning Ltd and Genesys Wealth Advisers Ltd

4.

Improper conduct by financial advisers

  • NAB
  • ANZ and Millennium 3 Financial Services Pty Ltd

5.

The disciplinary regime for the financial advice profession

  • ASIC
  • Financial Planning Association of Australia Ltd
  • Association of Financial Advisers Ltd
  • Dover Group

Leave to ​​appear

Written submissions

The following written submissions were received from parties with leave to appear in response to Round 2 hearings on Financial Advice.

Exhibits

  • Exhibits for Round 2 hearings are available on the Exhibits page.
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