Court documents have revealed how former Melbourne adviser, Terence Nugara, was able to steal $10 million from his clients by promising returns as high as 98 per cent from bogus property developments.
APRA chair John Lonsdale believes it is a “strategic priority” that there is an appropriate suite of products for people approaching retirement, which could include from banks.
The former chief executive of failed stockbroker BBY has been charged with aiding, abetting, counselling or procuring fraud with each of the two counts carrying a maximum penalty of 10 years.
The decision by Westpac to retain the BT Panorama platform should be welcomed by the industry, according to platform researcher Recep Peker, as a way of intensifying platform competition and improving its functionality.
