‘No rollback’: Govt defends bold but contentious advice reforms
Minister for Financial Services Stephen Jones said his unexpected plan to legislate much of the Quality of Advice Review and welcome banks and insurers back to the advice market is “absolutely consistent” with the landmark consumer protection reforms of the past decade. But the government faces criticism from the advice profession over its proposal of a two-tiered system based on a diploma-level sub-class bizarrely dubbed “qualified advice”.
December 07, 2023
‘Qualified’ adviser proposal is a slap in the face of the profession
Professional Planner was created to support the development of an advice profession, fighting for those who committed to professionalism to have the right to call themselves professionals. The publication's founding editor Simon Hoyle writes while increased access to advice is to be welcomed, describing people who don’t meet the higher standards of a profession as “qualified” sends a confusing signal to the Australian public.
December 07, 2023
Super performance test shakeup on the card for government
The federal government has opened up to the idea of fine tuning the superannuation performance test, to account for member outcomes without holding back investment in economic priorities such as the net zero transformation and housing, following the third Treasurer’s Investor Roundtable in Canberra.
December 06, 2023
An ‘utter disaster’ to impose YFYS-style benchmarks on retirement income products
Making meaningful comparisons between products designed to deliver lifetime income to superannuation fund members in retirement is complex. The Professional Planner Researcher Forum has heard that trying to impose a benchmark as simple as the current Your Future Your Super performance test would be an “utter disaster”.
December 06, 2023
CALI calls for QAR-like advice options for insurers
With further government announcements for the Quality of Advice Review pending, the Council of Australian Life Insurers wants a similar deal for insurers as Stream Two offers super funds, and has proposed allowing insurers to give limited advice directly to consumers.
December 06, 2023
AFCA makes independent board appointment
The Australian Financial Complaints Authority has appointed Heron Loban to its independent board, effective from 1 January 2024.
December 06, 2023
Bravura promotes two to regional CEOs in global restructure
ASX-listed financial services software company Bravura Solutions has promoted Paul Dunn and Chris Spencer to CEOs of APAC and EMEA respectively.
December 06, 2023
Federated Hermes establishes partnership with GASP
Investment manager Federated Hermes has partnered with The Global Alliance for a Sustainable Planet (GASP) in the leadup to COP28 in the United Arab Emirates.
December 06, 2023
The hot hand fallacy and expecting winning managers to win indefinitely
here is a fine line between trend and truth in the market, thanks to prevalent cognitive biases – like the hot hand fallacy – that alter most finance professionals’ perception. However, advisers and investors who have the courage to bet against the tide are more likely to reap the rewards, the Researcher Forum has heard.
December 05, 2023
CFS Edge adds Morningstar managed accounts
Colonial First State (CFS) has expanded investment choices on its CFS Edge platform with a range of managed accounts from Morningstar.
December 05, 2023
Govt floats YFYS, MySuper-style regulatory regime for retirement
The federal government is scoping out the possibility of introducing a YFYS equivalent package for super funds’ retirement products to improve outcomes for less engaged fund members content with sitting in default options. The product framework could fill the gap for fund members that need better retirement outcomes but can’t or won’t access advice.
December 04, 2023
