Related-party responsible entities under scrutiny by upstart association
A new association will aim to bring in an industry-wide best practice code to lift governance standards of managed investment schemes, including ending related-party responsible entities. The Wholesale Investor Advocacy Australia group will be led by the head of an AFSL responsible manager group and a former Coalition financial services adviser who felt aggrieved by insufficient governance standards across the industry.
Diversa applies for $239m First Guardian government bailout
Diversa Trustees has applied to the government for a bailout of First Guardian investors worth approximately $239 million, arguing the losses were a result of fraud and remediation will be in the best financial interest to members.
New AMP CEO says lead generators a ‘real driver of consumer harm’
In one of his first interviews as chief executive of AMP, Blair Vernon tells Professional Planner that lead generators and introducers conducting business with rival platforms to AMP’s North present a “real risk” to consumers beyond the victims of Shield and First Guardian. The comments come as the Albanese government consults on measures to crack down on super-switching lead generators, including a possible new licensing regime.
Managed accounts experts urge ASIC to proceed with caution on crackdown
ASIC should be cautious about pushing back too hard on managed accounts as the alternative would be advisers playing portfolio manager, the latest episode of the Professional Planner Managed Accounts Decoded podcast heard.
ASIC steps up finfluencer crackdown as it targets licensees
The corporate watchdog is expanding its surveillance of so-called “finfluencers” to include those that are authorised representatives of AFS licensees, signalling that its interest in the area extends well beyond stamping out only unlicensed and unauthorised operators.
Opinion
1
It’s the conflicts of interest, stupid! The uncomfortable truth about reform
The industry’s longstanding failure to deal with conflicts of interest is the main reason why governments will talk about removing ineffective regulation, but rarely follow through, writes Robert MC Brown.
The world won’t wait for the investment committee
The institutions managing long-term savings might not be built to respond at the speed the world now moves. The gap between knowing and acting – which, ultimately, is where all risk lives – is one they can’t afford to keep open.
Overwhelming majority of shareholders vote for Insignia sale
Shareholders have given the nod to CC Capital’s $3.3 billion acquisition of ASX-listed Insignia Financial, bringing the firm closer to de-listing pending court approval later this week.
Apt Wealth looks internally for growth with the ‘right’ capital sources
National financial advice firm Apt Wealth is looking for the next stage of its growth, one that involves using capital sources that share a long-term, multi-generational vision. Having just added several new equity partners who have built their careers at the company, CEO Andrew Dunbar says he knows he’s partnering with people who share the same values and vision for the firm.
Managed account growth drags on GDG results: Morningstar
Morningstar says that Generation Development Group’s growth in managed accounts has failed to meet investor expectations and was the cause of a drop in GDG’s share price following the release of March quarter results. The analyst note comes despite Morningstar running competing businesses with GDG, including managed accounts, although it made clear the equity analysis retains a clear separation from other business lines.
Licensee Summit
Researcher Forum
Time to bring law to SMSF ‘wild west’: Hartley
More regulation is needed to address consumer harm arising from SMSFs and the Financial Accountability Regime should apply even to platforms that outsource their super trustee in order to close governance gaps, according to Insignia Financial CEO Scott Hartley.
Lessons from the middle: Leadership, resilience and the courage of conviction
The principles of high-performance leadership – whether in business or sport – remain remarkably consistent and include the ability to maintain clarity, integrity, and conviction under immense pressure. Former Australian test cricketer Usman Khawaja told the Top1000funds.com Fiduciary Investors Symposium that the only time you really lose is when you stop trying.
Reflecting on nearly half a century in financial advice
After an extensive 47-year career, Paul Harding-Davis says that while every decade has seen a significant step change that has felt like an “Armageddon” it has instead only seen the standard of the industry improve. Reflecting on his long career to Professional Planner, he is still evangelical about recruiting young people to advice.
Managed Funds