Shadow Treasurer says Hayne royal commission left behind ‘regulatory wreckage’
Shadow Treasurer Tim Wilson believes the Hayne royal commission has left behind ‘regulatory wreckage’ which made advice inaccessible and pushed up fees, adding the “obsession” with upfront fees has not delivered better outcomes for consumers. As the policy response to Shield and First Guardian is expected to be delivered in the coming weeks, Wilson also predicts the government will move to deny people the ability to switch funds.
July 31, 2026
ASIC strikes against First Guardian auditors
ASIC has launched Federal Court proceedings against Auditeo Australia and two of its auditors over allegations it failed to do proper due diligence of the First Guardian master fund, including no financial audit being conducted in FY21 despite producing a report for that year.
July 31, 2026
FSC white paper criticised for looking out for the interests of the biggest licensees
The Financial Services Council has proposed ASIC should establish a separate enhanced risk-based supervision function for advice AFSLs, as well as a higher base charge for licensees with the ASIC levy. The Financial Advice Association Australia has already called the recommendations an attack on self-licensed businesses.
July 30, 2026
ASIC unsurprised at govt hesitancy around DBFO post Shield, First Guardian
ASIC Commissioner Alan Kirkland isn’t surprised that the government has changed course on its approach to the Delivering Better Financial Outcomes legislation, after the $1 billion Shield and First Guardian collapse impacted progress of the reforms.
July 30, 2026
Industry tensions over who will lead on cyber governance standards
The Financial Services Council has criticised the Association of Superannuation Funds of Australia for engaging in anti-competitive behaviour for applying to the country’s consumer watchdog for an exemption to negotiate with third-party vendors on behalf of all super funds. The government has deferred to the associations to work together on creating a standard, but the dispute raises questions over whether the industry can self-regulate.
July 29, 2026
FAAA calls for third-party whistleblower protections
The Financial Advice Association Australia said it could be exposed by a loophole in the law governing whistleblower protections when it needs to refer information to ASIC, as professional bodies are not included in whistleblowing regimes.
July 29, 2026
Adviser numbers to settle at 14.8k by 2030: Wealth Data
Adviser researcher Padua Wealth Data expects the number of advisers in Australia to reach 14,796 by 2030. Current adviser numbers have stabilised around the 15,000 mark after the fallout from the Hayne royal commission and the introduction of professional standards saw five-figure departures from the industry.
July 28, 2026
WT defines success by growing businesses, not selling services
WT Financial Group managing director Keith Cullen believes the licensee’s commercial success isn’t centred around offering more services to charge advisers but rather lifting the commercial capabilities of the underlying businesses.
July 27, 2026
ClearView shareholders agree to $415m acquisition by Zurich
Shareholders of ASX-listed life insurer ClearView have voted in favour of an acquisition by Swiss-based peer Zurich. The deal further consolidates the Australian life insurance market, with most firms now owned by internationally based parent companies.
July 27, 2026
CGT, negative gearing reforms reflect Australian values
Labor has built a generational political brand, and one that endures in the face of some major challenges here and abroad, Conexus Financial founder and managing director Colin Tate told the 50th ALP National Conference in Adelaide. But it must push back against extreme demands on AI and technology if it is to boost productivity and seize a huge economic growth opportunity.
July 27, 2026
Super funds urged to rebuild ‘trust bank’ on member services
One in five members who contacted their super fund for an update on insurance claims still felt left in the dark afterwards, with long hold times, an unfriendly tone and heightened emotional stress emerging as the main customer gripes during the process, according to CoreData. As regulator and member pressure mounts on group insurance, funds need to think hard about how they want to restore trust.
July 24, 2026
