Govt refutes criticisms of Div 296 unfairness
The government has dismissed criticism of the fairness of taxing unrealised gains for high balance super accounts, with Minister for Financial Services Daniel Mulino arguing it misses the point of what the system is meant for.
July 23, 2025
Insignia sees more M&A opportunities with $3.3b CC Capital deal
CC Capital will pay $4.80 per share to acquire all of Insignia Financial, ending a bidding war that emerged just over half a year ago. In his first public comments to Professional Planner about the acquisition since the first bid was announced last December, CEO Scott Hartley says private ownership will make executing their corporate restructure and vision a simpler process.
July 22, 2025
Entireti to fight ASIC in court over alleged cyberbreach
Entireti will defend allegations by the regulator that its subsidiary Fortnum Private Wealth had insufficient cybersecurity standards in place to protect client data, after information about 9000 clients was exposed to the dark web. The country’s largest owner of licensees will contend that FPW upheld its regulatory obligations and the cyberbreach was isolated to one practice that had its systems approved by a third-party expert.
July 22, 2025
Even without the CSLR advisers will pay for Shield, First Guardian failures
Even if the Compensation Scheme of Last Resort didn’t exist, advisers would still be paying the price for the Shield and First Guardian failures with the profession facing reputational damage once again, Chris Dastoor writes. Advice regulation reform has largely flown under the radar of mainstream media, but with pressure ramping up over the $1 billion failure, it could set back any hope for further regulatory easing another decade.
July 21, 2025
Mulino makes first policy move with push for green investment labels
The Labor government is pressing ahead with plans to introduce standardised sustainability labels for investment products in superannuation and managed funds in a bid to support consumer decisions and curb potential greenwashing. The public consultation marks Daniel Mulino’s first policy move as the financial services minister despite the industry’s hope that DBFO reform would take precedence.
July 21, 2025
Most advice practices unprepared for sale and lack succession planning
Australian advice practices are not ready to present their businesses to potential buyers with fewer than one in four having a documented business or succession plan, according to Business Health. This is despite figures from the consultancy firm showing strong industry averages for firms with annual revenue of almost $1.2 million and profit margins of just under 30 per cent.
July 18, 2025
Adviser tied to Shield, First Guardian failures gets travel restraint extended
The Federal Court has extended a travel ban against Ferras Merhi, the adviser at the centre of the Shield and First Guardian failures. The court also granted the same restraint against Osama Saad who was responsible for several lead generator companies that were alleged to lure consumers to seek advice into rolling their super into higher risk products.
July 17, 2025
CFP numbers grow globally but decline in Australia
The number of Certified Financial Planners has grown worldwide, but the number in Australia continues to decrease, according to data from the international standards-setting body for CFPs, the Financial Planning Standards Board.
July 17, 2025
Build, sell or partner: Making the right call for your advice business
Between shifting margins, rising costs, and the daily balancing act of people, tech and compliance, running an advice business isn’t for the faint-hearted writes Matthew Fogarty from Infocus. There’s no universally correct answer to finding an equity partner, but there is a path that’s right for every businesses.
July 16, 2025
Consumer advocate body calls out ART in insurance backflip
Super Consumers Australia has highlighted the need for a member advocate after external pressure on super fund Australian Retirement Trust saw a member’s mental health claim approved. The consumer advocacy body has called for the Productivity Commission to review whether insurance in superannuation is giving value to superannuants.
July 16, 2025
