Opposition calls for 99FA changes in letter to minister
The Federal Opposition has written to the government demanding removal of the highly criticised section 99FA in division 1 of Schedule 1 in the Delivering Better Financial Outcomes legislation which outlines the rules for oversight of advice fee deductions from super fund accounts.
June 20, 2024
Licensee satisfaction scaling new heights in golden age for advice
The latest annual CoreData research has found advisers’ satisfaction with licensees has increased across the board. Global CEO Andrew Inwood told the Professional Planner Licensee Summit the tide is starting to lift as the industry realises this is a golden age for advice.
June 19, 2024
Checking quality of advice ‘not trustees’ job’: Jones
Minister for Financial Services Stephen Jones has reiterated that he doesn’t want super funds to review the content or the quality of every single piece of advice charged to their member accounts, despite trustees being warned by an ASIC report last month for not having proper oversight on the issue.
June 19, 2024
Small licensees clearly under ASIC’s regulatory spotlight
ASIC Commissioner Alan Kirkland told the Professional Planner Licensee Summit on Tuesday that two of the regulator’s key enforcement priories will ensure small licensees will be subject to the same regulatory oversight and requirements as their large counterparts, citing the breach reporting regime as a key mechanism.
June 18, 2024
Everyone thought we were mad: Aspire celebrates 20 years going fees for service
20 years ago, Olivia Maragna and her husband made the bold choice to go fee for service from day one, at a time when commissions dominated the financial advice industry. Looking back on the journey, Maragna says the ambitious call paid off.
June 18, 2024
TAL appoints successor to Brett Clark
Life insurer TAL has appointed Fiona Macgregor as the new group CEO and managing director, filling in the position made empty by Brett Clark's promotion to CEO and managing director of Dai-ichi Life Group, TAL’s parent company.
June 18, 2024
Cbus appoints chief risk officer
Cbus Super has appointed Martha Georgiou as chief risk officer.
June 18, 2024
Younger Australians anticipate paying off mortgage in retirement
Almost a third of working Australians expect to still be paying a mortgage in retirement, according to research from Vanguard Australia. The research shows that while Australians are fairly confident about owning their own home, a significant portion believe they will rely on superannuation money to either cover the final years of a mortgage or to pay it off with a lump sum.
June 17, 2024
Lowering the cost of advice without the DBFO reforms
As doubts creep in as to whether the Delivering Better Financial Outcomes reforms will lower the cost of advice, some advisers are looking to other ways to help reduce business expenses.
June 17, 2024
Singaporean sovereign fund invests in Betashares
Singapore-headquartered Temasek entered a binding agreement with Australian ETF provider Betashares to invest up to $300 million.
June 17, 2024
SMC apologises for ‘dodgy advisers’ comment
The Super Members Council has offered an open apology to the advice profession, saying CEO Misha Schubert’s comments about “dodgy advisers” has been mischaracterised. The statement comes a day after the reference was mentioned on several instances during Senate hearings on the Delivering Better Financial Outcomes bill.
June 14, 2024
Why conventional regulation doesn’t work
Lowering the cost of advice and increasing professional trust are key objectives for the financial advice profession, but they are unlikely to be achieved if the industry continues to be regulated as it has been for the last fifty years, writes Robert MC Brown.
June 14, 2024
