140 advisers in ASIC’s crosshairs over Shield, First Guardian
The corporate regulator has revealed 140 advisers are being examined for their role in the collapse of the Shield and First Guardian master funds, many of which have "lawyered up" in anticipation of escalating enforcement activity. But ASIC chair Joe Longo told a parliamentary inquiry that the financial advice profession should not be demonised due to misconduct of a small minority, pushing back on Labor Senator Deborah O’Neill's criticism of the profession.
September 18, 2025
When tech implementation goes ‘off the rails’
Overpromises, lack of vendor expertise, poor contracts and other red flags. The Netwealth Accelerate Summit heard how tech implementation can backfire and what advice practices can learn to mitigate these risks.
September 17, 2025
It’s time to end the tyranny of YFYS benchmarks
Treasurer Jim Chalmers’ review of the Your Future Your Super performance test must dilute the influence of benchmarks on how super funds invest members’ money by shifting the focus to total portfolio returns, write The Conexus Institute's David Bell and Geoff Warren.
September 17, 2025
Banish the ‘fear of running out’ in retirement
FORO – the fear of running out – has never been based on evidence that retirees won’t have enough money to live off in retirement, writes AMP director for retirement Ben Hillier. Like many other fears, it’s removing the understanding and misconceptions about what retirement will look like and that’s where financial advisers will play a crucial role.
September 17, 2025
Smash bad thoughts to boost retirement confidence
A mindset that likens superannuation to a water tank with a tap installed at the top, as opposed to the base, is spreading among retirees and pre-retirees with potentially disastrous consequences.
September 17, 2025
Former ASIC Commissioner confident troubled Sequoia will make significant changes
Having been appointed to chair an oversight committee for the troubled Sequoia Financial Group, former ASIC Commissioner Danielle Press is confident that the changes that will be recommended will deliver meaningful changes in the wake of the First Guardian and Shield collapses.
September 16, 2025
Cbus Super updates death benefits process following criticism of systemic failings
Profit-to-member fund Cbus Super has announced it is “overhauling” its death benefits process to make it faster and more straight forward for the next of kin of members, after systemic failings were revealed last year.
September 16, 2025
FSC green paper claims need independent testing: Assured Support
A financial services legal compliance firm says that the claims made by the FSC in its licensing green paper should be verified by Treasury or ASIC and that consumers care more about “clarity and fairness” than business models.
September 15, 2025
Why engaging the next gen of HNWs early is good for clients and business
Engaging the next generation early is crucial for high-net-worth advisers as it not only helps older clients to maximise wealth and prepares their children to manage assets responsibly, but also ensures longer-term profitability for the advice practice, said leading private wealth practitioners.
September 15, 2025
First Guardian retained top rating months after ASIC intervention
Financial data and ratings house FE fundinfo quietly removed a leading “five crowns” rating from a First Guardian investment option five months after the Federal Court approved a freeze order and almost a year after the trustee suspended transactions. The rating was relied upon in at least one statement of advice recommending First Guardian to consumers.
September 12, 2025
CFS weighs AI ‘winners and losers’ in asset management
Colonial First State wants to know how its external managers are using AI as it becomes more and more ingrained both in the companies they invest in and how they invest in them.
September 12, 2025
