Australia
Adviser charged for ploughing A$5.9m into sea snail scam
An Australian financial adviser who funnelled his clients’ money into a failed abalone farm has been charged with six counts of fraud totalling approximately A$5.9m (£3.3m, €3.8m, $4.4m).
Embattled Aussie insurer AMP facing five lawsuits
AMP will have the dubious honour of becoming the first Australian firm to simultaneously face five class actions if three more law firms made good on plans to sue the embattled insurance company.
Best Practice | 10 May 18
Australia moves to stop erosion of superannuation funds
The Australian Government has unveiled plans to ban exit fees and cap administration and investment fees to protect super accounts with low balances from excessive erosion.
Aussie advisers to pay for Royal Commission clean up
Financial institutions and advisers will be hit with higher levies after the Australian Government announced additional funding for two regulatory bodies to support their work with the ongoing Royal Commission.
Australian banking giant to exit wealth management
National Australia Bank (NAB) is to exit its advice, platform, superannuation and asset management business by the end of 2019, according to the bank’s financial results.