Financial Standard editor Mark Smith presents a roundup of the week's biggest industry news and executive appointments. In this week's news:

ASIC issues first best interests duty penalty
ASIC has taken its first action against a licensee for breaching the FoFA "best interests" duty showing that the reforms have come of age.

Negative interest rates help safe sales
Giant global banks and consumers alike have found old fashioned solutions to the unusual problem of having to pay institutions to hold their cash deposits.

Latest appointments

Quote of the week

Plus more big news

This week's FS Minute news round-up is proudly brought to you by AIA Australia.