Briefs: ING Direct drops intro rate, CBA lifts adviser standards, UK banker quits over prison threat 24 October 2014 4:52PM Bernard Kellerman Briefs, As part of its strategy of converting more of its customers to "main financial institution" customers, ING Direct has dropped the 125 basis point intro rate on its Savings Maximiser product and introduced a 125 bps bonus for customers who also have an Orange Everyday transaction account and deposit a minimum of A$1000 a month. The Savings Maximiser base rate is 2.75 per cent. In July the bank announced that it would rebate foreign ATM fees as long as customers deposited a minimum of $1000 into their account each month. The Commonwealth Bank has claimed first mover status for its decision to impose new education standards on all advisers operating under the licenses of Financial Wisdom and Count Financial as well as the licensee staff supporting them. As a minimum requirement, authorised representatives will be required to hold either: an Advanced Diploma in Financial Planning or equivalent; or a degree in finance, business, commerce or a related field; or a number of other directly related industry and tertiary qualifications. This follows the introduction of similar education standards in July for Commonwealth Financial Planning and BW Financial Advice. New regulations have led HSBC UK director Alan Thomson to resign, rather than take his chances on planned UK regulations that will require bankers, in the wake of any bank collapse, to demonstrate that they took action to mitigate risk - with the threat of a prison sentence if they cannot do so. Disciplinary action could be doubled from a maximum of three years to six, while managers will be obliged to certify that all customer-facing staff and material risk-takers are capable of performing their duties. Bankers could also be forced to defer bonuses for seven years from the point of award.