Australia
Australia’s AMP posts big loss as industry changes hit
Australian insurance giant AMP, which runs the country’s largest financial adviser network, has posted a full year net loss after a big deterioration last year in its core life insurance and income protection business.
Australian banks to begin sharing information on ‘bad advisers’
Australia’s major banks have announced plans to name and share information about financial advisers with a poor record of conduct to help prevent them moving around the industry.
LM directors escape legal sanctions in Australia
The former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM) did nothing wrong, an Australian court has ruled.
Australia’s Westpac taken to court over advice failures
Australia’s financial services regulator is taking legal action against one of the country’s biggest banks for giving financial advice that failed to put the “best interests” of its clients first.
Australia offers fintech licensing exemption
Fintech firms will be able to test certain services in Australia without holding a financial services or credit licence under a “unique” exemption offered by the Australian Securities and Investments Commission (Asic).