Renewed calls for a last resort compensation scheme to cover customers when their adviser's firm ceases to exist
SR Group is standing firmly with Professor Ramsay's review for the federal government recommending the establishment of a compensation scheme of last resort for victims of poor financial advice. With the Royal commission dedicating public hearings to financial advice and Dover showcased it is an area needing the most immediate attention of last resort compensation. Time for reform.
The Federal Government has recently announced the introduction of new legislation, targeted at incentivising employers to come forward and attend to unpaid superannuation obligations.
The Government has introduced a 12-month amnesty period, allowing employers to come forward and attend to any historical superannuation guarantee (SG) entitlements outstanding, without the usual penalties and charges. This one-off scheme is designed to encourage employers to attend to their SG requirements in a timely manner. To access the amnesty, outstanding SG entitlements must be paid by employers in full, including all accrued nominal interest.
Mali De Castro
A WA businesswoman under investigation for masterminding a suspected $180 million “Ponzi” scheme, in which Malaysian and Singaporean investors were courted to invest in Pilbara property, has been permanently banned from providing financial services.
Australia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), has found Veronica Macpherson engaged in “misleading” and “deceptive” conduct while promoting the Newman Estate Project in Western Australia’s Pilbara to overseas investors.
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