Labor re-commits to advice reform after Jones resigns
Outgoing Minister for Financial Services Stephen Jones says his Labor colleagues are equally committed to legislating advice reform despite him unexpectedly announcing his resignation from politics. Prime Minister Anthony Albanese is not expected to announce a successor after asking the polarising Jones to stay on until the election he is not contesting.
January 30, 2025
RBA gives strong warning on super fund risks
The Reserve Bank of Australia has told super funds to step up their own risk management practices especially given their increasingly large footprint in the Australian financial system. The reserve bank's assistant governor of financial system group, Brad Jones, said the RBA will not always be there to cushion shocks should a liquidity crisis occur.
January 30, 2025
Minister Jones leaves behind a nuanced legacy
Many in the advice community will be left feeling disappointed by Minister for Financial Services Stephen Jones’ attempt at advice reform, after he made hefty guarantees about reducing red tape and the cost of advice. But his contributions towards fighting scams, as well as his work on marriage equality, still mean many Australians will appreciate and remember what he did.
January 30, 2025
Consumer group lashes SMC research on accessing pension tax benefits
Consumer advocates have criticised the latest research from Super Members Council on how retirees can better access the tax benefit of pension phase, calling out that the minimum balance requirement imposed by some SMC member funds means it is “literally impossible” for poorer retirees to even access account-based pension. Super Consumers Australia CEO Xavier O'Halloran said super funds only need to “look into the mirror” if they really want to move the dial on this issue.
January 29, 2025
ASIC to target ‘unsuitable’ super advice in 2025
The corporate regulator has highlighted “unsuitable” superannuation advice amongst its key issues for 2025, underscoring the increased threat of high-pressure sales tactics and social media algorithms.
January 29, 2025
‘20 or 30 buyers to every seller’: M&A demand still heightened with limited supply
With demand far outweighing supply, advice practice M&A is still a hot market for sellers. But despite seeing strong demand, M&A experts caution that buyers have become much more sophisticated and know what they want and are often backed by overseas equity.
January 28, 2025
‘Massive win for consumers’: Govt cracks down on super fund claims delays
The Albanese government has launched a pre-election crackdown on poor member services in the superannuation sector, especially delays in processing death benefit and insurance claims, as it looks to introduce new “mandatory and enforceable” industry standards. The new rules, which followed regulatory enforcement action against Cbus and AustralianSuper's self-initiated claims compensation scheme, was described by consumer advocates as a “massive win”.
January 28, 2025
Insignia appoints chief technology officer
ASX-listed wealth manager Insignia Financial has confirmed the appointment of Damien O’Donnell as chief technology officer.
January 28, 2025
The controversial Fair Work case with implications for advice businesses
A recent ruling by the Australian Fair Work Commission has serious implications for advisory firms that outsource or plan to outsource work to independent contractors, writes Vital Business Partners CEO Nathan Jacobsen.
January 24, 2025
HUB24 ‘always planned’ to fold Xplore into existing services
HUB24 says its decision to wind up MDA provider Xplore Wealth and combine its functions with its existing services was not a strategic shift. Institute of Managed Account Providers chair Toby Potter says MDAs are better suited to "conventional platform arrangements".
January 24, 2025
Advisers call for government action against property spruikers
Ahead of the federal election, there are mounting calls from professional advisers for the next government to better regulate property transactions to prevent more clients falling prey to high pressure sales tactics and misleading social media ads. The campaign follows ASIC's warning that high pressure phone-based property spruiking operations are on the rise.
January 23, 2025
Bain still in the hunt for Insignia after matching CC Capital offer
The back and forth continues in the battle to acquire Insignia Financial as Bain Capital has hit back with another revised offer of $4.60 per share, matching CC Capital’s recent offer. Consequently, Bain have been allowed to do the same due diligence CC Capital was permitted while Insignia considers both proposals.
January 23, 2025
