Industry Updates

‘How not to run an ESG fund’: ASIC acts on closed Fiducian product

ASIC has sued the asset management arm of ASX-listed licensee owner Fiducian Group over allegations of misleading and deceptive conduct about a now-closed ESG fund. Investors had raised concerns about investments into mining companies, which ran contrary to the values described in the PDS, while the fund continued to distribute such documents for nine years after concerns were raised.

October 03, 2025

Expand AFCA complaint remit to compensate Shield, First Guardian victims: FAAA

FAAA has called for changes to external dispute resolution rules to assist consumers in making complaints against entities other than professional advisers, pointing to failures across the chain amid the collapse of the Shield and First Guardian master funds. Meanwhile, the association has pointed to a SIS Act provision that would allow funds to apply to the government for financial assistance for fraud-induced losses.

October 02, 2025

High cost, low growth funds need ‘credible’ plans to survive: APRA

Some funds experiencing weaker growth and operational inefficiency “often do not appear to be in a position” to improve their outlook, according to the prudential regulator. While specific funds weren't named and shamed, APRA put a handful on notice to provide clear evidence they’ll lift their game.

October 02, 2025

The increasing democratisation of private markets

A strong market environment, product evolution and access to institutional-quality managers has helped fuel the adoption of private markets, but expect to see a larger disparity between the winners and losers in the coming decade.

October 02, 2025

The case for PE secondaries in a diversified portfolio

The private equity (PE) secondaries market has expanded rapidly in recent years and eligible high net worth and sophisticated retail investors can now access the PE secondaries market through semi-liquid, evergreen structures. Buying later gives secondary investors substantially more information about underlying holdings, which reduces blind pool risk and improves price discovery.

October 02, 2025

Vanguard wants to do more on ‘small a’ advice

Despite the fact that its global business operates popular robo-advice tools, Vanguard Super has no intention of “leading the charge” on technology-enabled advice down under instead relying on “small a” advice that relies on nudges and personal guidance tools should the next phase of advice reform get completed.

October 01, 2025

Entireti re-launches legacy managed account service

Entireti has re-tooled a managed account service it picked up during the acquisition of Australian Unity’s financial advice business, rebranding it as Salita Portfolio Services. The separately managed accounts offering is supported by the investment consulting capabilities of Evidentia Group’s Lonsec Investment Solutions.

October 01, 2025

‘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