Greece submits new debt plans; Former insurance adviser banned for four years: Midday Roundup

Greece has submitted a new plan to its creditors in a bid to address the financial crisis that has gripped the country, according to Business Spectator.

However, it is unclear whether the 13-page proposal will be enough to lock in a bailout package.

The plan was submitted to the Greek parliament Thursday night local time, with European leaders set to discuss the proposal over the weekend.

The proposals focus on raising income by increasing Greece’s sales tax, as well as saving money through a shake-up of the country’s pension framework.

Former life insurance adviser banned for four years

A former life insurance adviser has been banned from providing financial advice for four years following an investigation by the Australian Securities and Investments Commission.

Brian Farber, a former representative of Risk Advice Specialists, was found to have breached financial services laws by engaging in misleading or deceptive conduct.

The regulator also found Farber failed to act in the best interests of clients and failed to provide statements of advice to his clients within the required timeframes. 

ASIC deputy chairman Peter Kell said in a statement financial advisers who ignore the law will continue to be targeted in order to ensure that consumers are put first.

“Consumers should be confident that their financial adviser is acting in their best interest,” he said.

“The business model of simply ‘selling’ life insurance without complying with the legal and regulatory obligations will not be tolerated by ASIC and advisers who do so will be removed from the industry.”

Shares down on open

Aussie shares have opened slightly higher this morning thanks to the Chinese market making a comeback overnight.  

The S&P/ASX 200 benchmark was up 42.3 points to 5513.3 points at 11.29am AEST. On Thursday, the Dow Jones closed 33.2 points higher, up 0.19% to 17,548.62 points.