Centrepoint acquisition would create third largest licensee
Diverger has submitted a conditional proposal to acquire Centrepoint Alliance which would create the third largest licensee putting it just behind Insignia and AMP with almost 1,000 advisers. Although it offers a different servicing model to the major institutions, the benefit of scale will give it a market leading position over other licensee service providers.
June 24, 2022
Insignia proposes centralised certification for advisers
In its submission to the advice review Insignia has suggested advisers be issued with a certificate to practice by a centrally regulated body. It argues this would improve consumer confidence and trust, but it is also not a replacement for the AFSL system.
June 24, 2022
Fitzpatricks ‘indifferent’ to individual licensing
Offering a business model that focuses on services and partnerships means Fitzpatricks Private Wealth will be in good shape if the AFSL system goes, according to chief Jodie Blackledge. The focus on its strategic partnerships with firms means it is unlikely to become a pick and pay service provider which is the potential fate of many other licensees.
June 23, 2022
YFYS lacks full context of what funds offer: Panel
A benchmarking test that covers fees and performances is a benefit to the superannuation industry, but without assessing the full context of risk as well as the intangible services funds offer it isn’t the fairest representation according to a panel.
June 23, 2022
Close to 1,000 advisers on FAR yet to pass exam: Wealth Data
Wealth Data has found almost 1,000 advisers on ASIC’s Financial Adviser Register have yet to pass the adviser exam. With only one sitting left before the September deadline, the advice research firm expects the majority will not attempt to stay in the industry.
June 22, 2022
Life insurers to launch new peak body
The major life insurance producers in the Financial Services Council will form a separate peak body representing the sector. The announcement comes on the day the FSC published the Life Insurance Code of Practice which the new association intends to administer.
June 22, 2022
Clients refusing info doesn’t excuse advisers from ethics obligations: TAL
Advisers aren’t relieved of their ethical duty to Standard 6 of the Code of Ethics if a client isn’t forthcoming with all required information according to TAL. This creates an ethical dilemma for advisers who must assess if they can compliantly provide advice.
June 21, 2022
Improved pass rate for adviser exam
After the adviser exam pass rate cratered in January, the second iteration of the ASIC exam has seen an improvement to 43 per cent. 93 per cent of advisers registered on the ASIC Financial Adviser Register have now passed the exam.
June 20, 2022
No simple metric to measure quality advice: FPA
The Financial Planning Association has shot down the idea of a metric to measure advice standards in its submission to the Quality of Advice Review. The association argued the complexity and nuance of financial advice makes it difficult to quantify.
June 17, 2022
Ditch one-size-fits-all regulatory approach: SIAA
Embracing the need for different specialisations and ending the one-size-fits-all approach for regulation is essential to meeting the differing needs for consumers according to the Stockbrokers and Investments Advisers Association.
June 17, 2022
