A new approach to the annuity puzzle: Decision states and longevity literacy
The low take-up of annuities has been a feature of the market for decades, and while various theories have been put forward to explain this, there has never been a definitive answer, writes Hazel Bateman. A new study sheds new light on the issue and uncovers some issues that should help superannuation funds as they strive to meet their retirement income objectives.
January 07, 2026
APRA adds hurdles to prevent Diversa adding more ‘high-risk’ investments
Diversa Trustees will be restricted from onboarding “high-risk” investments after the prudential regulator added licence conditions, but the trustee responsible for onboarding First Guardian to its platforms argues the requirements have come after the regulator drew the wrong conclusions from a review into platform standards.
January 06, 2026
Fines handed down in conflicted rem case against RM Capital, The SMSF Club
The Federal Court has handed down $925,000 in penalties to RM Capital and The SMSF Club over conflicted remuneration breaches when it accepted referral fees from a real estate agency to assist clients in setting up an SMSF to purchase property from the agent.
January 06, 2026
ASX ‘pump and dump’ schemers avoid jail time
The four ringleaders behind the “ASX Pump and Dump Group” have avoided jail, instead receiving intensive corrections orders, community service and fines after pleading guilty to committing market manipulation.
January 05, 2026
2025 – an industry in crisis: The year in review
This year saw stalled advice reforms, cyber and admin issues at the major super funds and regulatory scrutiny over managed accounts and private credit. But it was one issue that dominated headlines: the $1 billion collapse of Shield and First Guardian.
December 19, 2025
A reignited ‘Super War’ puts industry’s success at risk
Netwealth’s belated decision to make First Guardian consumers whole offers an opportunity for the superannuation sector to avoid descending into a partisan conflict between profit-to-member funds and private sector retail funds and platforms. While impassioned responses to this disaster are understandable, disunity will only weaken confidence in our unique retirement savings system and delay or destroy the project to expand access to advice.
December 18, 2025
Netwealth in $100m First Guardian payout, pulls bailout application
Netwealth has given certainty to First Guardian investors on its platform before Christmas, with 1000 investors to be remediated $100 million by the end of January. Netwealth will use cash and debt to fund the compensation, which it expects will impact profit by $71 million in 1H26 and its application for government assistance has been withdrawn.
December 18, 2025
Why Grant Hackett is swimming against the tide on deregulation
Generation Development Group chief executive and ex-Olympian Grant Hackett welcomes more regulatory scrutiny of the investment research and managed accounts markets he has made big bets on via the acquisitions of Lonsec and Evidentia. While it is relatively rare for business leaders to back more government intervention, GDG has a long history of turning legislative tinkering to its advantage.
December 17, 2025
Bridging the ‘fiduciary gap’ is everyone’s responsibility
A “third wave” of vertical integration is sweeping across the wealth management industry. The first two ended badly for consumers and if the worst effects are to be avoided this time around, every single participant in the wealth management industry has a fiduciary duty to stand up, and if they see something working against the best interests of clients, to say something about it.
December 17, 2025
Sequoia expects PII excess payouts in FY26 for Shield, First Guardian
The ASX-listed owner of InterPrac expects it will have to pay out a professional indemnity insurance excess due to claims arising from the collapse of the Shield and First Guardian master funds.
December 16, 2025
