More calls for regulatory reform due to Shield, First Guardian collapses
AMP head Alexis George believes the regulatory framework for responsible entities needs to be “watertight” due to the billion-dollar collapses of the Shield and First Guardian master funds. Meanwhile, shadow Minister for Financial Services Pat Conaghan has called for a “serious examination” of the regulatory framework and ASIC to understand why warning signs keep being missed.
August 07, 2025
Building, transferring and controlling wealth: Dead or alive
It’s human nature to want control over your life and money and, in some situations, power and control over others. This is especially the case where family legacy and vast amounts of wealth are at stake, but how much control can people exert over future generations after they die? Generation Life chief executive Felipe Araujo writes apparently, it's a lot.
August 07, 2025
Shield, First Guardian saga won’t deter govt from DBFO push
New Minister for Financial Services Daniel Mulino says the billion-dollar collapse of the Shield and First Guardian funds will not dampen his commitment to winding back excessive red tape in financial advice to expand access. In an exclusive interview with Professional Planner the minister says advice reform is critical to the success of Australia’s retirement system and signals fresh customer service standards in super.
August 06, 2025
Super, financial services to play key role in national productivity
The financial services sector has an important role to play in boosting economic productivity and resilience, says Assistant Treasurer and Minister for Financial Services Daniel Mulino ahead of the Albanese government’s high-profile Economic Reform Roundtable later this month.
August 06, 2025
Push to serve 200 clients throws adviser burnout risk into spotlight
An imbalance between the demand for financial advice and the number of professionals available to provide it is making burnout increasingly prevalent across the industry as advisers are asked to see as many as 200 clients a year. Practice leaders are paying closer attention to staff well-being as psychological safety is not only a workplace culture concern, but also a legal obligation.
August 05, 2025
FSC raids ASFA in battle for super supremacy
The Financial Services Council has recruited a trio of Association of Superannuation Funds of Australia staffers as the rival lobby groups compete for peak body status in the fractured and politically charged $4 trillion sector. The raid follows the FSC’s hire of former ASFA commercial director Justine Earl-Smith late last year and addition of CareSuper and Brighter Super to the FSC membership.
August 05, 2025
Dissecting the CSLR’s most contentious special levy option
There are four core options for funding the Compensation Scheme of Last Resort’s special levy that Treasury is reviewing, which would cover the $47.3 million excess for FY26. Previous consultations found the most contentious option would be spreading the excess levy across other subsectors, but the latest paper shows exactly how much of a cost that would be across the broader financial services industry.
August 04, 2025
Aware’s TelstraSuper takeover is a high stakes game for both funds
Having walked away from one well-advanced merger this year already, pressure is on the TelstraSuper board to make its latest merger proposal stick. But as it bids to compete with the two largest mega-funds, Aware Super is feeling the heat too.
August 04, 2025
Troubled Sequoia presses former ASIC Commissioner into governance service
Former ASIC Commissioner Danielle Press will lead a dedicated committee to enhance oversight and governance at Sequoia as it tries to lift standards in the wake of the Shield and First Guardian scandal.
August 01, 2025
Govt launches CSLR special levy consultation
Treasury will canvass industry views on how the excess Compensation Scheme of Last Resort levy should be covered. The consultation comes as the minister is yet to conclude the pre-existing review into the scheme.
August 01, 2025
Update needed for 20-year-old conflicts regulatory guide
The corporate regulator’s private markets surveillance work has triggered a consultation into updating its conflicts of interest guidance for licensees. The guidance was last updated over 20 years ago and ASIC wants a fresher and clearer standard AFSLs can use to identify, manage or avoid conflicts of interest and to make sure clients and members are treated fairly.
July 31, 2025
