IOOF streamlines advice as FUA walks out the door
The streamlining of IOOF's advice business is a strategic response to an era-defining transformation of the advice industry designed to deliver a step-change in quality and affordability, while conflicts associated with subsidisations from other parts of the business are removed, the group's CEO has said.
April 29, 2021
Suncorp finalises wealth exit with sale to LGIA Super
The sale of Suncorp’s remaining wealth business was the outcome of a strategic review which began last February last year and continues the Queensland financial institution's wealth exit which began in 2015 with the sale of its financial planning business.
April 28, 2021
IOOF: Most file breaches came from old regime
Only 4 of the 19 Bridges and RI Advice files identified by ASIC as being “potentially detrimental to clients” came after IOOF ascribed 100 per cent of its advisers to ASIC’s 515 standard, the wealth group says.
April 27, 2021
28.2pc the benchmark for advice practice profit
The average profit margin for advice practices is 28.2 per cent according to a new study from Business Health, up slightly from 27 per cent in the previous two-year period.
April 27, 2021
AFCA sounds alarm on high insurance premiums
The complaints authority’s lead ombudsman says the life insurance industry is rapidly pricing itself out of consumers’ range and will encounter serious sustainability issues if it can’t harness innovation – just like the banks are facing with buy-now, pay later disruptors.
April 26, 2021
IOOF promises ‘remedial action’ after ASIC investigation of Bridges, RI Advice
IOOF has committed to taking remedial action against its Bridges and RI Advice licensees after ASIC found that 15 per cent and 17 per cent (respectively) of their client files "contained indications of some potential client detriment".
April 26, 2021
Ares deal sunk: AMP demerges private markets and consolidates retail arm
AMP has cut negotiations with Ares Management for the sale of its Private Markets business and will instead list the entity on the ASX, leaving AMP Limited to focus on its retail channels and the remaining elements of AMP Capital.
April 23, 2021
The counsellor’s journey to advice: Antoinette Mullins
Helping kids cope with trauma-related violence in South Africa set this young woman on a path to listening and connecting with people on a deeper level. It didn’t take long for Antoinette to find her true calling in financial advice.
April 22, 2021
Government pulls LIF review from ASIC’s purview
The long-awaited Life Insurance Framework review will now be rolled into the Quality of Advice review, with ASIC being asked to hand over its research to Treasury. It’s “silly” to have two separate reviews into advice at the same time, minister Hume said.
April 21, 2021
Single disciplinary body details revealed in draft legislation
Advisers suspected of a breach that doesn’t warrant banning will be brought before a panel consisting of one ASIC staff member and two industry participants, with sanctions ranging from warnings and reprimands to civil penalties and cancelled registrations.
April 20, 2021
FSC punts safe harbour steps in third ‘simple vs complex’ advice pitch
The council’s green paper follows the original Rice Warner report it sponsored and subsequent poll review, and includes major tweaks to its original ‘simple vs complex’ plan headlined by the abandonment of SoAs and safe harbour rules.
April 19, 2021
