Fintech not thintech: The growing demand for flexible technology

Given that financial services revolves around trading information and counting money, digital technology would seem like a natural fit. Yet many of our larger financial institutions are not taking advantage of the accounting and communications edge that the rapidly evolving digital world is providing. It is ironic to see an industry driven by time and […]

The real debate on managed accounts is about incumbents versus niche providers

There appear to be two main competing views about the use of managed accounts. One perspective is that the incumbent platform providers have been slow to add managed account functionality which has allowed niche providers using modern technology to forge closer relationships with advisers, particularly those who deal with high net worth clients and self-managed superannuation […]

FoFA eating into platform product development

Financial product innovation in Australia has suffered in recent years as a result of platforms focusing primarily on regulatory-driven reform, says Kelly Power, BT Financial Group’s head of platform product. “I think the level of discretionary investment outside of regulatory change has dropped,” Power says. “Focusing on implementing regulations is a significant cost for us […]

FSC calls for uniformity on grandfathering rules

The Financial Services Council wants clarity from Treasury on draft regulations around the grandfathering of existing clients, which continues to muddy the conflicted remuneration provision of the Future of Financial Advice (FoFA) reforms. Earlier this month the Australian Securities and Investments Commission (ASIC) released Regulatory Guidance 246, its final guidance on conflicted remuneration, but elements […]

Watchdog eyes the choices platforms make

The Australian Securities and Investments Commission (ASIC) will review its regulatory approach to investment platforms as part of broader efforts to promote investor confidence in the sector. ASIC is especially interested in how platform operators select financial products for inclusion given that the sector is attracting significant funds.