Opposition on the offensive over regulatory-driven advice costs
The Opposition has ramped-up attacks on the government for its failure to tackle the spiralling cost of advice. Shadow Minister for Financial Services Luke Howarth has taken aim at measures in the budget that have been earmarked to be funded by cost recovery by the regulators, along with changes to Reduced Input Tax Credit arrangements for advice fees.
June 06, 2024
HESTA appoints general manager of strategic planning
Health industry fund HESTA has appointed Alissa Knight to the newly created role of general manager strategic planning, effective from 11 June.
June 06, 2024
Preservation’s days numbered as Canberra spars over super honeypot
While the odds still favour a Labor victory at the next election, the Coalition’s desire to tap into the superannuation honey pot as part of its election policies is now very clear. The prospect of politics one day overriding the lofty ideals of the Objective of Superannuation legislation to preserve super fund savings until retirement now looks increasingly likely – if not in the short-term but sometime down the track.
June 05, 2024
Court finds Active Super made misleading claims over ESG and Russian investments
The Federal Court found that Active Super has made misleading claims about ESG and Russian investments in its website, reports and disclosure documents, in a case brought forward by ASIC amid the regulator’s increasing focus on greenwashing.
June 05, 2024
Sequoia chief executive survives attempted ouster
Sharesholders of ASX-listed licensee Sequoia Financial Group have voted for chief executive Garry Crole and director Kevin Pattison to stay in the firm, following attempts to replace the duo with Peter Brook and Brent Jones.
June 05, 2024
ASIC issues DDO stop order against Australian Unity
ASIC has made an interim stop order preventing Australian Unity from distributing the Select Income Fund (SIF) to retail clients.
June 05, 2024
Equity Trustees hit with APRA fine over data reporting failure
APRA has fined Equity Trustees $782,500 for failing to meet its legal obligations to report data to the regulator.
June 05, 2024
How platform and service innovation will fuel future of advice
This year marks 10 years of BT Panorama and after a decade that has been marked by transformation within the wealth management industry, BT chief executive Matt Rady predicts how platforms – including BT Panorama – will continue to evolve their offering.
June 05, 2024
Why 2014 makes 2024 look like a walk in the park
If you think the Quality of Advice Review reforms are a mess then you’re not wrong, but in comparison with what was going on 10 years ago they’re a walk in the park. In 2014 the acronym on every adviser’s lips was “FOFA”. Today advisers fall into two camps: those that lived through the reform process, and those who are lucky enough to not have. But in other respects, all advisers today are the clear beneficiaries of the pain endured a decade ago.
June 05, 2024
What’s behind the 146pc growth in managed accounts?
The growing appeal of managed accounts has seen the proportion of advisers utilise them increase three-fold over the past decade. In the next few years it is expected that three-quarters of advisers will be using managed accounts in their services.
June 05, 2024
