Shield-connected advisers banned by ASIC
A pair of advisers from MWL Financial Services have been banned by ASIC for giving inappropriate advice in connection to the failed Shield Master Fund. Despite being found to have not acted in clients’ best interests and giving misleading statements, the bans will only cover periods of four and eight years.
July 09, 2025
Investment in advice held back by regulatory uncertainty: Bombora
Investment in advice is being held back by a lack of certainty about when the current tranche of changes to financial advice laws will land, according to Bombora Advice's Wayne Handley as he hands over leadership of the risk specialist firm to incoming CEO Niall McConville. Handley has called on the government to fast-track reform and urgently provide a timeline for the implementation of changes.
July 08, 2025
Portfolio assurance: The model portfolio imperative for clients
Model portfolios are no longer a matter of convenience for advisers and practices, they are a strategic imperative, writes Financial Simplicity CEO Stuart Holdsworth. But with their rise comes a new level of scrutiny – not just from regulators, but also from clients.
July 08, 2025
Stephen in Paris: Former minister gains role at OECD
After closing the book on his 15-year tenure as a Member of Parliament, former Minister for Financial Services Stephen Jones has been appointed Ambassador and Permanent Representative to the Organisation for Economic Cooperation and Development.
July 07, 2025
‘Absolute fact’ that licensees aren’t properly compensated for risk
Licensees have found success by expanding the services they can deliver – even to self-licensed practices outside their networks. But the Professional Planner Licensee Summit heard there are still issues over how well remunerated they are for the risk they take on – and why that’s what is important for the sustainability of the system.
July 04, 2025
Revised CSLR bill for FY26 knocks $3m off original estimate
The FY26 Compensation Scheme of Last Resort estimate has been downgraded from its initial estimate by almost $3 million. But the gargantuan figure still means the Minister for Financial Services has been officially notified of the need for a special levy.
July 04, 2025
Wholesale might not be the route to riches advisers think it is
Less prescriptive regulation of advice to wholesale clients is often a lure for advisers to target this market. But the Professional Planner Licensee Summit heard that the definition of wholesale clients is outdated, and a wholesale advice offer presents different – not necessarily lower – risks to advisers, as well as requiring specialised business structures and product knowledge.
July 03, 2025
Advisers see slight ASIC levy decrease
The corporate regulator has revealed the adviser levy for FY25 will be $1500 per licensee plus $2314 per adviser, based on cost recovery estimates for enforcement work over the past year. Although it’s another multi-thousand-dollar expense, the figure continues to fall since the levy was unfrozen despite adviser numbers remaining the same.
July 03, 2025
ASIC investigating role of platforms in high profile failures
The corporate regulator is investigating the role platforms played in failed schemes like Shield and First Guardian that leveraged the authority of well-known brands to gain legitimacy. But ASIC has defended its own conduct as it launches another campaign to raise consumer awareness of high risk schemes, saying it has acted faster than in the past and is diverting resources and utilising federal police to tackle the problem.
July 03, 2025
Expect to see more ‘insanely profitable’ advice businesses
Advice practices are more profitable than ever and the industry is primed for growth. But research by CoreData presented to the Professional Planner Licensee Summit found this growth isn’t evenly distributed across the industry with only about a quarter of advice practices having strong plans for the future.
July 01, 2025
