Industry Updates

ASIC, APRA urge super funds to consult advisers on retirement

A major review of 15 superannuation trustees by the prudential and corporate regulators found all of them offered some form of comprehensive advice in-house or via referral. But too often funds do not know whether their members are professionally advised, and are not working collaboratively with external advisers to help members plan for retirement.

July 18, 2023

Spark Financial empowers youth with financial literacy

Spark Financial Group has shifted gears to a profit-for-purpose model. Its new mission? Empowering young people through enhanced financial literacy.

July 18, 2023

CQU students complete Term 1 with Midwinter software

Midwinter Financial Services has announced that CQUniversity Australia’s financial planning students have completed Term 1 using its financial planning software.

July 18, 2023

Hostplus injects $100 million into innovation fund

Industry super fund Hostplus has injected a further $100 million into the IP Group Hostplus Innovation Fund, having already contributed $210 million.

July 18, 2023

‘Bandwidth, mate’: QAR pressure keeps ASIC levy on backburner

Any change to ASIC levy is unlikely to happen soon, with the government committed to prioritising its Quality of Advice Review response, but the Minister for Financial Services would not rule out intervening to provide relief to advisers and licensees.

July 17, 2023

Firetrail executive joins RIAA panel

Firetrail head of investment strategy Anthony Doyle has joined the certification assessment panel of Responsible Investment Association Australasia.

July 17, 2023

APRA finalises standard on operational risk

The Australian Prudential Regulation Authority (APRA) has finalised a new prudential standard to ensure banks, insurers and superannuation trustees better manage operational risks and respond to business disruptions.

July 17, 2023

ESSSuper named top-performing balanced fund in FY23

Emergency services industry fund ESSSuper was the top-performing balanced super fund for the 2022-23 financial year, returning 13.3 per cent for its balanced growth option, according to researcher SuperRatings.

July 17, 2023

Intra-fund advice scope to creep beyond super

The Albanese government has given its strongest indication yet that it is open to a more radical expansion of intra-fund advice, with super trustees likely to be able to able to advise members on topics beyond their interests in the fund.

July 17, 2023

Nanuk appoints portfolio manager

Sustainable investment-focused fund manager Nanuk Asset Management has appointed John Lobb as a portfolio manager.

July 17, 2023

‘Great outcome’: CFS reaches $100m settlement in grandfathered commissions suit

Colonial First State will pay $100 million to settle a lawsuit claiming damages from grandfathered commissions and fees for no service. The outcome has been welcomed by applicants in the class action, despite the former CBA wealth arm not admitting any wrongdoing.

July 14, 2023

‘Maybe we’re not aiming far enough’ on fee consent rationalisation

Simplifying fee consent has been cited as one of the biggest wins for advisers from the Quality of Advice Review, but FAAA head of policy Phil Anderson believes the regime needs to go past relying on paper-based forms.

July 14, 2023