Regulatory reform, but not as you know it
The ALRC’s financial regulation review won’t follow the normal template, lawyers say, as the focus will be more on structure than policy. This may mean a swing back towards more prescriptive regulation for advisers, but don’t hold your breath for a quick result.
September 22, 2020
ASIC tells fundies to be ‘true to label’
ASIC has cracked the whip on misleading fund managers after surveying 37 funds with a total of $21 billion under management. Being true-to-label is a "must have", not a "nice to have", said deputy chair Karen Chester.
September 22, 2020
‘Vanilla’ AFSL prices surge as advisers disperse
Empty AFSL’s with no client books have gone from having virtually no value to being sold for an average of $70,000, with ex-institutional advisers clamouring for an independent ticket yet reluctant to wait on ASIC to approve a new license.
September 21, 2020
Institutions absent in Licensee of the Year award
GPS Wealth and Affinia were the big winners at this years' awards, while no award was given for the Institutionally Branded Licensee of the Year due to "an insufficient number of qualifying licensees".
September 18, 2020
Advice demand doubles in 5 years
Latest studies reveal that the need for advice has surged in the last few years, while existing clients are clamouring for engagement from their financial advisers.
September 17, 2020
Crowded platform market ripe for consolidation
The investment platform market looks due for adjustment as adviser numbers dwindle and more competitors jostle for a seat at the table. A wave of M&A activity and a race for operational scale could be required before the sector’s bright future is fully realised.
September 16, 2020
Court slaps $50M fine on MLC trustee
In ASIC's largest ever civil action, MLC Nominees and Nulis Nominees have been lumped with a combined $57.5 million worth of penalties after they duped hundreds of thousands of superannuation members into paying for advice that wasn't provided.
September 14, 2020
AMP brings in the culture consultants
Under pressure to make changes to its cultural settings, AMP has brought in diversity consultant Symmetra to conduct an objective review of conduct, policies, leadership and behaviour.
September 11, 2020
