Advisers not taking advantage of CDR: EY
Almost two years to the day Open Banking commenced, advisers are not taking advantage of the Consumer Data Right according to EY. The consulting firm has argued advice firms could benefit from becoming accredited data recipients to save time during the fact-finding process.
May 31, 2022
‘Fair, transparent and equitable’: AFCA funding model approved
AFCA’s newly-proposed funding model has been approved by its independent board, which includes five free complaints a year. The new system relies on a user pay philosophy that will see frequent users of the external dispute resolution scheme carry the burden of financing the regime.
May 31, 2022
Adviser salaries stagnate, small firms faring worse: CoreData
Salaries largely stood pat over the last 12 months according to the researcher's latest report, with small firms having significantly more advisers earning under $80K and less earning over $160K.
May 30, 2022
‘Story of stability’: Finance sector helped absorb global crises
The global financial system played its role as a “shock absorber” during times of crisis over the last decade and the financial system is in better shape than at any time in recent memory according to a report from American consulting firm Oliver Wyman.
May 27, 2022
Panorama to be sold by 30 September: BT
BT’s platform business is next to be sold after a heads of agreement was signed with Mercer to acquire the retail super department. Westpac plans to complete the sale by October with the BT brand remaining linked to the Panorama and Asgard platforms.
May 27, 2022
No pain, no gain: ALRC ponders Govt tolerance of Corps Act overhaul
The Australian Law Reform Commission has begun outlining the suite of options it will hand to government “from least pain to unbearable” for its review of the legislative framework of the Corporations Act. The worst-case scenario will be completely scrapping the whole legislation and re-writing it from scratch, which the commission is hoping to avoid.
May 26, 2022
Reducing compliance ‘opacity’ key to reform: CoreData
Confusion around current advice compliance settings needs to be the target for Treasury and the ALRC in their concurrent reviews, says CoreData founder Andrew Inwood. Get it wrong and money will drift out of the system, which could have dire consequences.
May 26, 2022
Sourcing advice talent greatest PY challenge: ‘Tight job market out there’
It’s important for licensees to build a comprehensive professional year programme, but sourcing talent for it and then retaining them afterwards is the most challenging part according to a panel.
May 25, 2022
ASIC recognises industry struggling with breach reporting
Administrating breach reporting legislation has involved “teething issues” according to ASIC chair Joe Longo. The regulator has conceded there hasn’t been a consistent approach when it comes to reporting and aims to deliver further guidance based on the cases it has reviewed during the first cycle of the regime.
May 24, 2022
Advice leads double as trust levels increase
Research from Adviser Ratings and Vanguard cites increased trust in the financial advice sector as being behind a stark increase in the number of leads generated by advisers in the last year.
May 24, 2022
‘Very difficult’ for licensees to be profitable in current regulatory setting: AMP
Following a similar playbook to BT and CFS, AMP sees its North platform as being its strongest contributor to the advice landscape, noting that the regulatory environment makes it difficult for a licensee to be sustainable and profitable.
May 23, 2022
