Govt hints at broader CSLR as ASIC ramps up ‘gatekeeper’ scrutiny
New Minister for Financial Services Daniel Mulino has acknowledged investment losses are caused by many “different parts of the ecosystem” beyond advice, with potential implications for the Compensation Scheme of Last Resort. Meanwhile, ASIC chair Joe Longo says the standards of “gatekeepers” must be raised to prevent events such as Shield and First Guardian – which are dominating claims going to the CSLR – from happening again.
July 30, 2025
Mulino proves to be continuity candidate on DBFO
New Minister for Financial Services Daniel Mulino has listed financial advice reform as among the top priorities of his tenure and says he will honour the work already progressed by the Albanese government in its first term. But those who criticised the slow pace of reform under his predecessor Stephen Jones may be underwhelmed by the indicative timeline.
July 30, 2025
FSC ‘misremembered’ the royal commission in AFSL green paper
The industry has welcomed proposals to overhaul the advice licensing regime, contained in a green paper published by the Financial Services Council. But there is some cynicism over the motives behind the recommendations as the association now includes some of the largest licensees in the country among its members.
July 29, 2025
Fabig steps back from Fitzpatricks Advice Partners
Fitzpatricks Advice Partners general manager Jasia Fabig will step down from her role to take on a part-time consultancy role with the licensee. Group CEO Andrew Fairweather will take on the added responsibility of running private wealth subsidiary while Fabig will focus on assisting the group’s practice principals as a high-performance coach.
July 29, 2025
AFSL overhaul proposed to boost oversight of advisers, micro-licensees
The Financial Services Council has recommended sweeping changes to the licensing regime to increase the accountability of advisers who leave larger licensees to re-establish themselves with their own licence. The green paper is based on CoreData research and comes after a number of big licensees joined the association traditionally representing retail super funds and asset managers.
July 28, 2025
Advisers using fewer platforms in ‘high stakes’ competitive battle
The average number of platforms used by advisers has dropped to two, according to research from Investment Trends. Almost three-quarters of new client flows is being directed to the advisers’ primary platform meaning providers need to secure and retain their position.
July 28, 2025
The key to resurrecting ‘sick and poorly’ insurance industry
On the surface, Australia’s retail life insurance industry appears to be in decent shape, pulling in approximately $9.4 billion in annual premiums and growing annually by 8-9 per cent but, upon closer analysis, the industry is under pressure.
July 28, 2025
Mayfair 101 investors go to war with ASIC
ASIC insists any allegations that it has acted improperly are false after a group of Mayfair 101 investors attacked the integrity of the corporate regulator by labelling action against the company a “national disgrace”. Mayfair came into prominence five years ago for its controversial attempt to create a "tourism Mecca" on Queensland's Dunk Island and Mission Beach.
July 25, 2025
HESTA CEO hopes ‘very complex’ admin transition has set fund up to grow
The boss of the near-$100 billion health industry fund has issued an apology to members negatively impacted by a seven week limited service period earlier this year while saying that the administration transition that required it will set the fund up for success in the future.
July 25, 2025
Fortnum cyberbreach will set test case for limit of licensee obligations
ASIC’s action against Entireti subsidiary Fortnum Private Wealth isn’t the first against a licensee for not fulfilling its legal obligations on cybersecurity, but Chris Dastoor writes the case will test the threshold for due diligence a licensee is expected to undertake.
July 24, 2025
Cbus CEO apologises for ‘absolutely horrific’ member experience
Cbus CEO Kristian Fok has issued a mea culpa to members affected by claims handling delays and said that the fund and its administrator have worked hard to improve service and upgrade its technology since.
July 24, 2025
A look at the shiniest asset class
The gold price has appreciated 98 per cent to north of US$3000/oz ($4556) since 2020, and the shiny metal is increasingly convenient and cost-effective to access not to mention a powerful portfolio diversifier, but investors and advisers have surprisingly low exposure to this asset class, although that’s rapidly changing.
July 24, 2025
