ASIC gets MIS oversight funding in FY27 budget
Budget papers reveal ASIC will receive $17.8 million over the next four years to help monitor managed investment schemes in the aftermath of the Shield and First Guardian collapse. But the welcome additional funding comes as the financial services industry offers a largely negative response to the Labor government’s increase in capital gains tax.
First Guardian liquidation continues to eat up recovered funds
First Guardian liquidators want to “temper expectations” over the return of funds to investors as the cost of the liquidation continues to grow with the amount recovered, leaving estimated net cash of $326,000 after expenses.
Insignia to delist with all hurdles for sale completed
Insignia Financial will delist from the ASX at the end of the month as the Federal Court has given approval for the acquisition of the ASX-listed wealth giant by CC Capital.
FAAA opposes ban on advice fee deductions from super switching
Financial Advice Association Australia CEO Sarah Abood has urged members to make their voices heard in consultations that include the CSLR, superannuation consumer protections, and lead generators. Abood said these reforms will shape the profession for years to come, and the association will oppose a proposed ban to fee deductions for advice related to super switching.
End ‘conveyor belt of consumer harm’ by unlicensed lead generators: Longo
In one of his final public appearances before departing the regulator at the end of the month, outgoing ASIC chair Joe Longo will call for the end of unlicenced communications about superannuation, including from lead generators.
What I took away from the world’s ‘festival of private capital’
The on- and off-stage antics at the extravagant Milken Global Conference in Los Angeles tell us a lot about where institutional capital is right on the money – and where it is putting its head in the sand.
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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.
Netwealth rolls out changes to fine print in wake of Shield, First Guardian
Netwealth has updated its terms and conditions to allow it to directly correspond with clients without necessarily needing to inform the adviser or licensee and potentially limit user access. The move comes as part of the regulator-enforced governance uplift across the platform sector in the aftermath of the collapse of the Shield and First Guardian master funds.
Testing the platform hype against the adviser’s reality
A properly implemented platform can significantly influence an adviser’s operational efficiency, profitability and the number of clients they can serve. A new study will test that claim by measuring advice practice metrics against platform relationships to show which tools work best for which business models.
Why emerging markets demand a contrarian, selective mindset
For many investors, the label emerging markets still conjures up fragile currencies, unstable governance and unfulfilled promise, writes Orbis Investments’ Eric Marais. This perception has endured even as the reality across much of the emerging world has changed, creating opportunities underappreciated by investors.
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SMSF establishment needs justification beyond ‘generic’ client statements: AFCA
The nation’s financial services dispute resolution service has made clear that justifying the establishment of an SMSF requires more than just vague indications from clients that they want more control of their super.
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