Restricting choice would be the only way to prevent investor losses: ASIC
ASIC chair Joe Longo believes that there will always be a risk of people losing money to investment schemes like Shield and First Guardian without totally restricting consumer choice. The admission comes as the regulator concedes First Guardian investors will have a harder path to recovery of investment funds than Shield clients.
October 10, 2025
Why super funds are lagging on climate investing
A new paper published by The Conexus Institute has found that super funds’ climate-related investment activities have been patchy, and that their impact on performance, while hard to measure, has almost certainly been modest.
October 10, 2025
ASIC claims governance gaps in AFSLs offshoring arrangements
The corporate regulator has told licensees to strengthen governance over the use of offshore service providers after a review found weaknesses that could expose consumers to harm. The review also included data from large fund managers to capture the influx of offshore enquiries on behalf of Australian firms, with one fund getting 16,500 enquiries originating from 24 countries in a 12-month period.
October 10, 2025
No timeframe on DBFO, education reforms: Treasury
There is no clear plan for the next legislative stages of the Delivering Better Financial Outcomes or expanded education pathway reform, according to Treasury. Changes to the education standard will come after the 2026 deadline to hold an approved qualification has passed.
October 09, 2025
SQM turns to Stephen van Eyk amid Shield crisis
Amid the fallout over its role in rating the Shield Master Fund, SQM Research has recruited industry veteran Stephen van Eyk for its ratings and research governance committees. The appointment comes as other parties involved ino the collapse of the Shield and First Guardian master funds add high-profile veterans to help improve governance and lift standards in the wake of the collapsed schemes.
October 08, 2025
A tiny fraction for a big impact: Rethinking consumer protection funding
The financial advice profession is paying millions each year to cover the corporate regulator and last resort consumer remediation. Financial adviser Rob Pyne writes the current model places a heavy burden on a narrow base which could be flipped to cover a wider scope.
October 08, 2025
InterPrac denies moving advisers to avoid Shield, First Guardian liabilities
ASX-listed Sequoia Financial Group has denied it is transferring advisers out of its InterPrac licensee with the intention of avoiding mounting liabilities from the collapse of the Shield and First Guardian master funds. The concern has been raised by victims of the collapsed schemes who are worried about a repeat of the group using legal loopholes to avoid accountability.
October 07, 2025
Advisers could play crucial role in trustee response to Shield and First Guardian
Macquarie’s deal to remediate Shield clients was the first feel good story in what has been a torrid experience for clients of the collapsed fund and the whole industry. For the other trustees who are dragging their feet on making a similar deal, advisers are going to begin to question which are trustworthy and where they should put client money.
October 03, 2025
‘How not to run an ESG fund’: ASIC acts on closed Fiducian product
ASIC has sued the asset management arm of ASX-listed licensee owner Fiducian Group over allegations of misleading and deceptive conduct about a now-closed ESG fund. Investors had raised concerns about investments into mining companies, which ran contrary to the values described in the PDS, while the fund continued to distribute such documents for nine years after concerns were raised.
October 03, 2025
