Commonwealth Bank Financial Planning Compensation – AIAFW is part of AIA Australia. With almost 4 million clients, AIA Australia has been protecting the lifestyle of Australians since 1972.
AIAFW focuses on helping people of all ages, from singles to couples to families, achieve their life goals. They can help you make your day-to-day financial decisions, because the small choices you make today can have a big impact over time.
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You can start a family, buy your first home or start a business. Your consultation may include:
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Your hard work should pay off – by protecting your assets and making better investment decisions. Your consultation may include:
Your AIAFW planner will speak with you to understand your needs and discuss how counseling can benefit you.
At AIAFW you start a phone conversation with a team member where you outline your current situation and your financial and lifestyle goals.
With your financial planner’s advice and further research, your customized plan is called a Statement of Advice (SoA).
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Your planner will talk you through their recommendations on the SoA. If you are satisfied, your financial plan is in place.
Once your counseling is in place, you can ask for additional help as you adjust to changes in your life. Mark Colvin: The Commonwealth of Independent States (CBA) is facing the possibility of a Royal Commission into a fraud scandal. His customers number in crores.
A Senate committee recommended a judicial inquiry as part of its report into the performance of the Australian Securities and Investments Commission (ASIC).
PAT MCGRATH: After five days of hearings, five months and more than 400 reports, a Senate committee has ruled on the extent to which Australia’s corporate police monitor the country’s financial sector.
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Labor senator and committee chair Mark Bishop presented the committee’s report this afternoon. His assessment of ASIC’s ability to catch white-collar criminals was less than stellar.
Mark Bishop: ASIC is missing or ignoring clear and consistent warning signs that businesses are breaking the law or putting consumer or investor interests at significant risk. Apparently, the committee found ASIC necessary.
PAT MCGRATH: Senators have called a royal commission into corruption after a group of financial planners at the Federal Reserve Bank were accused of taking clients’ money into risky investments without their consent. It was also alleged that he made huge profits by falsifying documents.
Mark Bishop: These activities are facilitated by an irresponsible, sales-oriented culture and careless management that ignores or ignores non-compliance and illegal behavior as long as it is profitable.
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The CBA’s enforcement system failed, not only did it allow unscrupulous advisers to continue to operate, but it saw another adviser promoted, causing further harm to unsuspecting clients.
Mark Bishop: ASIC is not paying enough attention to whistleblowers who have serious concerns about the conduct of one of the most serious criminals and the conduct of the CFPL.
The committee’s suspicions about the CFPL’s handling of the matter only grew stronger after the investigation. Recent developments to the compensation process for affected CFPL customers, witnessed by both ASIC and CBA, have reinforced the panel’s doubts about the integrity and fairness of the process.
Given the seriousness of the matter, the nature of the conduct, the number of customers affected and the lack of transparency in the compensation process, I believe a Royal Commission should be established.
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Ian Ramsay: For one of our major banks to come under this kind of criticism, certainly, by an important parliamentary committee, I don’t think that’s ever happened, I think, seriously asking for cultural reform, if you will? Within the bank, admit failure, resulting in loss.
Finally, it seems to me that the committee felt that they were unable to examine the true extent of the damage caused by these particular planners, and in that context, it seems to me that further investigation is warranted. Ensure that victims of these financial advisors are properly compensated.
PAT MCGRATH: Last week, the Government introduced a series of measures to shape the future of Labor Financial Advice reform.
State Senate. John Williams is the driving force behind the Senate inquiry, which wants to focus on risks in the financial planning industry.
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JOHANN WILLIAMS: As I said in the Senate Estimates, you can walk out of the shearing shed and do eight days, I repeat, eight days – not eight weeks, an eight-day crash course, and then you qualify under the Factory Act. Become a financial planner.
What lawyer can be a lawyer after an eight-day crash course to advise the vice president on how to invest millions? Or a doctor or surgeon? Cashier or Accountant?
PAT MCGRATH: It was one of 61 recommendations before ASIC and the Fed responded.
MP3 game of Harry Truman announcing the dropping of the atomic bomb on Hiroshima on August 6, 1945 (23.76 minutes). In the financial sector, most banks have previously refused to do business with cryptocurrency providers, and few banks in Europe and the US offer cryptocurrency trading services.
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In China, the government has banned foreign virtual currency trading in bank trading deposits and merchandise. China has already begun cracking down on privately mined cryptocurrencies, sending bitcoin’s market price off a cliff. Companies including banks and online payment gateways have been ordered not to provide any service related to cryptocurrencies such as registration, trading, clearing and settlement to customers.
While China cracks down on crypto trading, the rest of the Asia Pacific region takes a different view. Crypto trading, crypto payments and even crypto exchanges are slowly becoming mainstream in Southeast Asia as banks and financial institutions begin to understand the potential that comes with it.
For example, a recent survey in Singapore showed that cryptocurrency payments are on the rise and many people are eager to try the payment method. The Monetary Authority of Singapore has given the green light to three companies to offer digital payment token services. One of them is TBS Vickers, a subsidiary of TBS Bank, which provides digital payment token services as a major payments company and directly supports asset managers and institutions in digital payment token transactions.
Siamese Commercial Bank has reportedly acquired a 51% controlling stake in local cryptocurrency exchange operator BitCup Online, signaling a shift in approach to fintech and crypto. Meanwhile, El Salvador became the first country in the world to accept Bitcoin as legal tender a few months ago.
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The report also notes that Mastercard is preparing to announce that any of the thousands of banks and millions of merchants in its payment network will be able to integrate crypto into their products. This includes Bitcoin wallets, credit and debit cards
Bottom line, the Federal Reserve Bank of Australia (CBA) is the first bank in the country to offer customers the ability to buy, sell and hold crypto assets through the bank’s app. CBA has partnered with Gemini, the world’s largest regulated cryptocurrency exchange and manager, and Chainalysis, a leading cryptocurrency analytics company. Both partnerships allow banks to tailor crypto exchange and storage services to customers through new features in the app.
The bank said the trial cryptocurrency trading service will begin in the coming weeks and will roll out additional features to customers next year. CBA’s research shows that many customers want to access crypto assets as an investment class and buy, sell and hold crypto assets through various crypto exchanges.
CBA gives clients access to ten crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
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According to CBA’s CEO, Matt Komen, the growing and growing demand for digital currency from customers presents both challenges and opportunities for the financial services industry, which has seen many new players and business model innovations.
“We believe that we can play an important role in crypto and address the growing needs of our customers to provide efficiency, security and trust to crypto trading platforms. “CPA will use Gemini’s crypto exchange and storage service and integrate into the CommBank application via APIs.”
For Gemini’s Head of Global Business Development Davy Abner, the explosive growth of digital assets internationally, combined with Gemini’s enterprise-level approach to security and proactive monitoring, has created a partnership that sets a new standard for banking and finance platforms in Australia.
