Australia
Best Practice | 1 Dec 16
Australia passes law to slash upfront life commissions
The Australian government has passed a law that will significantly reduce the upfront commissions paid on life insurance products and cap ongoing charges.
Australia’s IOOF considers buying ANZ’s wealth business
Australian-listed financial services firm IOOF Holdings has indicated it is interested in buying the ANZ bank’s domestic wealth management business.
Australia unveils standards bill on degree-qualified advisers
Australia has introduced a new professional standards legislation that will require financial advisers to be degree-qualified.
North America | 15 Nov 16
HMRC removes Canadian Rops from overseas pension list
HM Revenue & Customs has scrapped nearly a hundred Canadian recognised overseas pension schemes (Rops) from its pre-approved list, in line with a similar move suspending Australian transfers last year.
Canada’s CI Financial buys majority stake in Australian firm
CI Financial Corp is to acquire an 80% stake in Australian investment fund manager Grant Samuel Funds Management (GSFM), in a move that will see the Canadian wealth manager also gain access to New Zealand.