‘High price’ of super early release
A retrospective look at the Covid-19 superannuation early release scheme by ASFA has uncovered the full impact on young people, women, single parents and the unemployed who were the most affected.
August 12, 2022
AMP’s loss-leading advice business improves
Financial losses in AMP’s advice business have been halved in the first half of the financial year and CEO Alexis George spoke to Professional Planner about creating a sustainable business as well as the challenge of regaining trust in the industry.
August 11, 2022
Adviser exam to be included in education consultation
Changes to the adviser exam will be included in the government’s consultation on the experience pathway, while consultation on the Code of Ethics will commence next year after the Quality of Advice Review is completed.
August 11, 2022
The death of email: Why advisers need to change for security
Email is one of the most unsecure methods of communication so why do advisers still rely on it for sensitive client information? Two industry experts have argued practices should be moving to client portals which have the extra benefit of offering a better client experience.
August 10, 2022
ASIC to improve breach reporting processes
The corporate regulator will continue to engage with industry over the breach reporting regime, giving some recognition to the struggles the industry has faced since the regulation commenced last October.
August 10, 2022
Treasury outlines review of ASIC Industry Funding Model
Treasury has released its terms of reference for the ASIC Industry Funding Model which industry associations hope will address the burden placed on financial advice. With fewer advisers left in the industry it’s imperative the review find a balance that doesn’t leave advisers carrying more than their fair share.
August 09, 2022
Stapling to be part of YFYS review
Although the initial announcement implied stapling would not be part of the Your Future Your Super review, financial services minister Stephen Jones confirmed today the measure will be included. He reiterated that stapling won’t be removed but instead refined to reduce any “unintended consequences”.
August 09, 2022
Grace period over for DDO
After a transition period of roughly 10 months the corporate regulator is now ready to act against those who are not fulfilling the design and distribution obligation requirements. ASIC’s first application of the rules show it is paying attention to making sure high-risk products don’t get into the wrong hands.
August 08, 2022
Diverger’s Centrepoint bid called off
Diverger has ended discussions to acquire Centrepoint Alliance due to lack of “meaningful engagement”. However, neither party is ruling out future scale plays within the industry.
August 08, 2022
Industry needs to take initiative on re-branding
While the advice industry has no shortage of potential clients, it still faces an image problem that is preventing people pursuing a career in planning. Transforming advice into a go-to profession is the next major step to bridging the advice gap according to a panel.
August 04, 2022
Insignia eyes partnership with digital advice firm
Insignia Financial is expanding its advice offering by partnering with a fintech to help reach Australians not yet receiving financial advice. While the service won’t offer holistic advice to clients, it shows a calculated plan from the major advice institution for how it will service more consumers at the pre-advice stage.
August 04, 2022
