‘We don’t trust you’: Shareholders unimpressed with Perpetual deal
Perpetual’s leadership has been accused of hiding information from the market amid of a potential deal to sell off its name, wealth management and corporate trust business to KKR. The controversial transaction will result in the end of an era, with CEO Rob Adams to retire and the asset manager to be re-branded.
May 08, 2024
AMP launches private debt option for super members
AMP has launched a debt strategy, which can be accessed by members invested in the MySuper or Future Directions options range.
May 08, 2024
HESTA appoints chief financial officer
Health industry super fund HESTA has appointed Natalie Kelly as its chief financial officer.
May 08, 2024
ART and AvSuper complete merger
Australia’s second-largest super fund Australian Retirement Trust has successfully absorbed the $2.5 billion and 4800 members of AvSuper.
May 08, 2024
No obligation to take feedback on board: Jones
Despite ongoing consultations and roundtables into advice reform, Minister for Financial Services Stephen Jones concedes he under no obligation to take any stakeholder advice. The comments come amid fiery debate and concerns over the Delivering Better Financial Outcomes process from the advice sector, who the minister says “misread the play” on those changes.
May 07, 2024
How to reduce the cost of financial advice
The introduction of the first tranche of Quality of Advice Review legislation is a small step forward in improving the costs and accessibility of advice, writes adviser David Smith. But nothing of substance will be materialised until QAR Recommendation 9 – eliminating Statements of Advice – becomes law.
May 07, 2024
FSC launches Digital Advice Expert Group
The Financial Services Council has announced the formation of the Digital Advice Expert Group which will replace the Digital Advice Association launched a year ago.
May 07, 2024
ASIC warns over cold callers and clickbait ads
ASIC is warning consumers to be wary after a review identified some cold calling operators using high-pressure sales tactics and online clickbait advertisements to lure consumers into receiving inappropriate superannuation switching advice.
May 07, 2024
DBFO bill strains ‘collegiate relationships’ between advisers and super
Peak associations for super funds have backed the Delivering Better Financial Outcomes bill, but a submission from the Joint Licensees Group has detailed how flaws in the legislation could ultimately incentivise advisers to roll clients out of APRA-regulated funds if they become too bureaucratic and costly to deal with – or even because trustees may misuse the power that comes with the supervisory mandate.
May 06, 2024
EOFY advantages for HNWs looking to give philanthropically
Instead of making one-off annual donations, advisers of high-net-worth clients can take advantage of the impending stage three tax cuts by bringing forward future years of contributions for charitable giving.
May 06, 2024
Count extends contract with Iress
Iress has signed a three-year extension agreement with Count as provider of choice for its advice technology.
May 06, 2024
ASIC won’t expect super fund trustees to audit all advice
The corporate regulator says there won’t be any pressure on super fund trustees to monitor every piece of advice being paid for from a member’s account – now or after any QAR legislation passes – and it says it will continue to “do our best to make that clear”. It comes amid industry pushback over the wording of the bill with licensees and advice associations believing it will add further red tape.
May 03, 2024
