Australia
Australia’s fee-for-no-service compensation to hit A$850m
Financial institutions have already paid out A$259.6m
Australian advisers told to get registered or face exams
The Australian Securities and Investments Commission (Asic) has told financial advisers they must get registered under the country’s new professional standards reforms, or else they will have to sit an exam.
Australia looks to rate 1,800 adviser licensees
In a bid to restore faith in the country’s financial services industry, the Australian government is considering a proposal that will rate 1,800 financial advice licensees.
Investment scams costing Aussies A$4.3m per month
Australians have lost A$26m (€16.4m, £14.6m, $19.2m) to investment scams in the first half of 2018, which equates to A$4.3m every month, according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch website.
Australian financial advisers face ‘provisional’ year
New financial advisers in Australia could soon be known as “provisional financial advisers” and be required to undergo 12 months of practical, on-the-job training.