Stephen Jones (left) and Andrew Bragg

The fallout of the September adviser exam deadline saw the number of registered advisers on the ASIC Financial Adviser Register drop to under 16,000. The positive news is since then, it has remained steady.

The AMP Buyers of Last Resort class action begun that involved four weeks of deliberations. AMP later confirmed to Professional Planner that a finding from the hearing wouldn’t be made until early 2023.

After getting a capital injection earlier in the year, Koda Capital moved to acquire WA-based Redwood Wealth Alliance.

“We use the word ‘merge’ very deliberately,” Koda co-founder Paul Heath said. “All of the team at Redwood are going to become shareholders in Koda. They’re not cashing out; they’re maintaining a material holding in the business via a holding in Koda.”

Although concern about large institutions getting back to advice has been the biggest issue flagged with the Quality of Advice Review proposals, Insignia Financial CEO Renato Mota highlighted the impact the proposals could have if the industry is not prepared to embrace principals-based rules.

“We need agreement – as soon as one piece of that puzzle starts to get prescriptive, the principles will break down and we will revert back to prescription,” Mota said at the Oreana Conference in Coogee.

“We would welcome the opportunity with regulators and legislators as a licensee with advisers to understand the practicalities of this and get to an agreement we we’re defining principles by the same means otherwise there’s the risk we find ourselves back here.”

ASIC released a report into the first nine months of the breach reporting regime which found the regulator was underwhelmed with the industry’s compliance.

The report came at an unfortunate time for the corporate regulator with Liberal Senator Andrew Bragg having announced an inquiry into ASIC’s regulatory powers, which had expanded greatly since the Hayne Royal Commission, which financial services minister Stephen Jones offered no opposition too.

October was also adviser week and adviser day – planners shared why they were passionate about the profession and the work they do.