The National Australia Bank s bad advice compensation bill has hit more than $1.2 billion - the highest liability among the major financial institutions.
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Ex-insto adviser pleads guilty to deception
Ex-insto adviser pleads guilty to deception
A former institutionally aligned adviser has pleaded guilty to obtaining financial advantage by deception, after he operated an early super access scheme for more than 160 clients.
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In a statement, ASIC said Ahmed Saad, a former authorised representative of Apogee Financial Planning, pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception on 21 April.
Mr Saad had operated a scheme that involved submitting applications for one-off advice fees to MLC super trustee NULIS Nominees, and paying the funds he received back to clients to facilitate illegal early release of their super entitlements.
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The past week saw 74 adviser roles appointed while 99 adviser roles ceased, which gives a net loss of 25 roles, however the true story is that 33 actual advisers left the industry this week, according to the analysis by HFS Consulting which looks at adviser numbers from the Financial Adviser Register (FAR) run by the Australian Securities and Investments Commission (ASIC).
Colin Williams, HFS’ director, explained this was due to Apogee Financial Planning having appointed the same adviser three times, which most likely was an error, while at the same time BDO appointed three advisers, of which two still had their roles at Godfrey Pembroke. Following this, Evans and Partners appointed three advisers who also held roles at Dixons, its related business.