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
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
