SMSF sector mulls how to combat ‘being vehicle of choice’ for misconduct
As the industry awaits a review from ASIC on the quality of SMSF advice, the sector contemplates how it can lift standards, including proving trustees are competent. It comes as the advice profession is now responsible for underwriting the Compensation Scheme of Last Resort due to bad actors relying on SMSFs to execute high-profile failures like Dixon and United Global Capital.
February 20, 2025
UniSuper launches digital advice platform with Ignition Advice
UniSuper has partnered with Ignition Advice to create a new digital advice platform which will be rolled out from June this year.
February 20, 2025
‘Clipping the ticket’: ASIC’s long-held MDA risk concerns revealed
ASIC is considering resurrecting the planned intervention in the managed discretionary account (MDA) market it suspended during the Covid-19 pandemic. A series of confidential and internal documents obtained by Professional Planner reveal the regulator has harboured concerns about the $50 billion sector since at least 2018.
February 19, 2025
Unwieldy product implementation ‘the single biggest cost’ for advice
Even if the advice profession had every item on its deregulation wish list granted, innovation and business efficiency from service providers is still needed to bring down the cost of advice, the Professional Planner Advice Policy Summit heard.
February 19, 2025
Non-partisan, evidence-based retirement research is critical to our society
The rationale behind the creation of The Conexus Institute is even more pertinent on the think-tank’s fifth birthday, as the conversation around superannuation policy remains hopelessly partisan and contentious, writes Colin Tate AM. The institute can take some credit for progress on better outcomes for Australian retirees – but there is much more work to do.
February 18, 2025
Fee consent belatedly goes digital with help from AI
Paper-based fee consent forms may be finally consigned to the history books after HUB24 announced a digital interface that could remove costs associated with complying with the unpopular regulatory requirement. Independent researcher SuitabilityHub described the announcement as the "most impactful new enhancement" in the platform market.
February 18, 2025
Super fund leaders united on key role of preservation
Super fund CEOs at the Professional Planner Advice Policy Summit were united on the principles of preservation and compulsion as key parts of a retirement saving system which is considered to be the “envy of the world”. However, Brighter Super CEO Kate Farrar suggested there could be specific circumstances where exceptions to these principles might be justified, and where a contribution rate of 12 per cent might not be appropriate.
February 18, 2025
Levy warns DBFO too ‘modest’ in reforming advice
Quality of Advice Review lead Michelle Levy has expressed her discomfort that the Delivering Better Financial Outcomes reforms may not be ambitious enough to streamline financial services law. In a rare public commentary on the government's response to her review, Levy told the Professional Planner Advice Policy Summit that advisers “deserve to be paid well” but that driving down the cost of advice from professionals wouldn’t solve the bigger social dilemma.
February 17, 2025
Bragg report raises insolvency risk for industry funds
Super funds would be banned from raising capital from members and instead be forced to turn to shareholders to cover fines for misadministration and compensation payments, under recommendations in an interim report led by Coalition Senator Andrew Bragg. The proposals, if adopted, could see trustees of profit-to-member super funds plunged into insolvency if they incur fines for even relatively minor breaches of the law, as previously flagged by APRA.
February 17, 2025
Coalition, Labor figures back scrapping risk commission caps
Coalition MP Bert van Manen along with former NSW Premier and Labor party figure Nathan Rees have openly declared their support to the Professional Planner Advice Policy Summit for ending risk commission caps brought in by the Life Insurance Framework.
February 14, 2025
AMP doesn’t anticipate similar private equity plays to Insignia
As its peer Insignia Financial awaits a possible takeover from one of three bidders, AMP doesn’t expect similar players to pursue the group as they are a completely different businesses, despite the similarities at a superficial level. The admission from CEO Alexis George comes as the firm reports a 43.4 statutory NPAT drop caused, in part, by the separation of its advice arm.
February 14, 2025
FAAA supportive of self-regulation but rules out being the watchdog
The Financial Advice Association Australia believes it shouldn't be up to the government to monitor professional standards in financial advice. But the Professional Planner Advice Policy Summit has heard the association has little interest in being the ones to play the enforcement role, should the industry transistion into a self-regulating profession.
February 13, 2025
