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
SMC calls for calm in DBFO debate after blasting ‘dodgy advisers’
After calling out “dodgy advisers” this week, Super Members Council CEO Misha Schubert said “cool heads need to prevail” amid criticism of changes to the law around oversight of deduction of advice fees from super fund accounts in the Delivering Better Financial Outcomes bill.
June 13, 2024
Treasury takes fall for DBFO drafting errors
Drafting errors in the Delivering Better Financial Outcomes bill were not of the government’s making, according to Treasury. And despite the corporate regulator reviewing the legislation before it was tabled in Parliament, ASIC only became aware of drafting problems after reading reports in the media.
June 13, 2024
Super lobby shatters fragile truce with advisers
On the eve of an important parliamentary hearing on the Delivering Better Financial Outcomes bill, the Super Members Council has thrown a grenade into the financial advice reform process. Aleks Vickovich writes CEO Misha Schubert’s misjudged and very public reference to “dodgy advisers” will trigger some post-traumatic stress in the profession.
June 12, 2024
Vanguard shifts to adviser drive on super product
With its adviser portal live, Vanguard Super now reaches more than 116 licensees covering more than 3000 advisers. Australia head Daniel Shrimski believes they have the “superior” product to industry funds that doesn’t have the “complexity and cost” of wrap products, but still believes there are internal improvements to be made.
June 11, 2024
Government launches consultation on DBFO draft regs
The government has launched a consultation on the first tranche of draft regulations for the Delivering Better Financial Outcomes bill.
June 11, 2024
Brighter Super selects State Street as custodian and administrator
State Street has become the custodian and administrator of the $30 billion Brighter Super.
June 11, 2024
Experts deride ‘super for housing’ at their peril
While it might not be enough to win government for the Coalition, the controversial policy allowing first home buyers to draw on super is popular with voters, according to the polls. In the midst of such an emotive debate, critics of the proposal need to make the case for preservation or be willing to accept a more flexible retirement system.
June 07, 2024
Make-up of SMAs will be factor in YFYS capture
The prudential regulator has updated its guidance on whether managed accounts should be included by trustees in the Your Future Your Super performance test, but customisation means in most circumstances the products will be excluded.
June 07, 2024
