Mulino: Education reforms and AI offer growth potential for profession
Reforms to the education standard are still on the government’s agenda and Minister for Financial Services Daniel Mulino sees it as a necessity to expand the profession. The minister is also bullish on the potential of AI to unlock growth for advice practices.
November 19, 2025
Shield, First Guardian buy-in driven by product sales, not advice: FAAA
Financial Advice Association Australia CEO Sarah Abood has told the group’s members that the distribution of Shield and First Guardian was driven purely by product sales, not financial advice, and that high-pressure sales tactics have no place in the profession.
November 18, 2025
Super, advice lobbyists clash over potential CSLR overhaul
The FAAA, FSC and SMSF Association have called for the Compensation Scheme of Last Resort to be overhauled amid another annual cost blowout, but the peak body for APRA-regulated super funds, ASFA, has pushed back on its members covering the scheme.
November 18, 2025
Former FASEA and ASIC executives launch trustee service
Former FASEA chief executive Stephen Glenfield and former ASIC chair James Shipton have joined the founder of a trustee now owned by Diversa to launch a new service to compete with trustees for hire as scrutiny ramps up on outsourced providers.
November 17, 2025
SQM to fight ASIC in court over Shield research reports
SQM Research will defend itself in court against ASIC over allegations it prepared reports containing misleading representations and that its processes fell short of standards when it rated the Shield Master Fund. The proceedings mean managing director Louis Christopher will not be able to fulfill his appearance at the Researcher Forum.
November 17, 2025
Shield, First Guardian could add further $125m to FY27 CSLR levy
The Compensation Scheme of Last Resort has confirmed the estimated FY27 levy will surpass the $120 million barrier, coming in at $126.9 million for financial advice. The estimate also doesn’t factor in potential Shield and First Guardian claims which could add another $125 million in just FY27 alone.
November 17, 2025
Court docs lay bare how InterPrac failed Shield, First Guardian clients
ASIC’s court filings in its action against InterPrac Financial Planning detail how the licensee let clients down at every step of the advice process, from failing to step in when misconduct became apparent to providing template responses that dismissed even legitimate complaints.
November 14, 2025
SMC wants stronger consumer protections after Shield, First Guardian ‘catastrophe’
The Super Members Council wants anti-hawking laws expanded to prevent a repeat of the $1.2 billion collapse of the Shield and First Guardian master funds, warning that serious consumer risks arise when members are pushed to move their super out of the “mainstream” system.
November 14, 2025
InterPrac denies wrongdoing as ASIC sues over Shield, First Guardian involvement
ASIC is suing licensees InterPrac and MWL Financial Services, and researcher SQM for failures in the collapse of the Shield and First Guardian master funds. But InterPrac, which authorised the main advisers implicated in the scandal, says it will defend the allegations “vigorously”.
November 13, 2025
SQM trial will be test case for research industry
SQM Research is assessing its next steps after ASIC announced it will take the researcher to court alleging due diligence failures over SQM’s role researching the Shield Master Fund. This is the first time ASIC has taken action against a research house and a potential trial will become a test for the responsibilities of researchers and the extent to which it is viable to research multi-asset funds.
November 13, 2025
Mulino concedes Shield, First Guardian collapse will complicate advice reform
Minister for Financial Services Daniel Mulino has given his first public acknowledgement the collapse of the Shield and First Guardian master funds has impacted Treasury’s work on the Delivering Better Financial Outcomes reforms.
November 12, 2025
Another retail player announces retirement income offering as industry funds languish
Adviser platform HUB24 is developing a lifetime retirement income solution with life insurer TAL, the latest move from a platform in the retirement space with competitors AMP and Insignia Financial having already brought solutions to the market. The announcement comes as industry funds struggle to fulfill their obligations to deliver retirement products to members.
November 12, 2025
