Industry Updates

‘Patriots not mercenaries’: Shadforth targets values-aligned practice in latest deal

Shadforth has acquired Melbourne-based financial advice firm PMD Financial Advisers in the first of what may be a series of deals. The business intends to grow both organically and through M&A with the latter still very being dependent on acquirees willingness to buy into Shadforth’s values.

October 01, 2025

ASIC pushed back against super real estate changes before review

ASIC expressed reservations about changing RG97 to provide relief from stamp duty disclosure obligations prior to committing to a review, according to internal documents released to Professional Planner under freedom of information laws. The corporate regulator also told Treasurer Jim Chalmers it will also reduce its data collection efforts and streamline the Financial Accountability Regime to make it less “burdensome”.

September 30, 2025

CSLR calls for ‘but for’ exclusions to scheme

The Compensation Scheme of Last Resort has recommended excluding “but for” claims – where claimants haven’t suffered a capital loss – to help create a sustainable scheme. The CSLR’s long-awaited submission has also suggested improved PI insurance coverage standards and more legislative powers to broaden its ability to maximise all potential avenues to recovery compensation from firms.

September 29, 2025

ASIC scraps plan to publish firm-level breach reporting data

The corporate regulator won’t proceed with plans to publish firm-level breach reporting data after industry pushback, instead only continuing with its plan to publish firm-level internal dispute resolution data.

September 29, 2025

The deal only Macquarie could do

Macquarie’s decision to compensate its superannuation customers who lost money in the collapse of the Shield managed investment scheme looks good, but – having been caught red-handed – it really had no choice, writes Simon Hoyle. And the way the compensation is structured will ultimately cost it a fraction of the headline figure.

September 26, 2025

Shield, First Guardian debate heats up in Canberra

Macquarie’s compensation of Shield investors has forced both the government and opposition to make comments about the collapse of that fund and First Guardian, with Shadow Minister Pat Conaghan continuing to prosecute the case about Labor’s mishandling of the managed investment scheme review.

September 26, 2025

CSLR implications loom despite landmark Macquarie/Shield deal

Macquarie will purchase the holdings of Shield clients on its superannuation platform, returning hundreds of millions of dollars to investors, and will aim to claw back what it can from liquidators but foot the remainder of the compensation bill itself. While the landmark agreement with ASIC gives some restitution for some of the victims, it still leaves unanswered questions for the Compensation Scheme of Last Resort as the “but for” provision still leaves the door open to claims.

September 25, 2025

Shield, First Guardian-linked AFSL complaints deadline extended by AFCA board

Shield and First Guardian-linked licensee Next Generation Advice’s AFCA membership will be extended, while United Global Capital’s will be reinstated due to concerns from the AFCA board that affected clients didn’t receive enough time to lodge a complaint.

September 25, 2025

ASIC lifts La Trobe stop order, but private credit anxiety remains

ASIC has lifted the interim stop order on La Trobe’s Australian Credit Fund, but is still in discussions with the manager about its US Private Credit product. Meanwhile, influential asset consultant Frontier Advisors has called out poor liquidity management in the sector.

September 25, 2025

M2 to AirTrunk: The changing and unchanging nature of infrastructure

The shape and scale of infrastructure projects have evolved significantly over the past 30 years, but the definition and purpose of infrastructure remain unchanged, providing a north star for investors to identify quality managers in an increasingly competitive market.

September 24, 2025

Call to make retirement best practice principles compulsory, less prescriptive

Treasury’s consultation on best practice principles for superannuation retirement income solutions has prompted calls from the Financial Advice Association Australia for compliance with the principles to be made compulsory, while other industry bodies have pushed back on what they perceive is a regime that will be overly prescriptive.

September 24, 2025

The four non-negotiables needed for a successful business plan

Outlining the strategy, establishing cultural alignment, execution and how the transition is structured are the four non-negotiables for a successful business plan that drives growth, according to an academic. But the overall process is easier said than done and the biggest issue practice principals have is finding the time to step away from their daily business operations to focus on business planning.

September 23, 2025