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
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
