Howarth apologises to industry for previous Coalition government
Shadow Minister for Financial Services Luke Howarth has apologised to the financial advice community for missteps by the previous Coalition government. Issuing a mea culpa for FASEA and the Life Insurance Framework, Howarth says he supports the government’s announcement to expand the education pathway.
February 11, 2025
Jones hints at ‘but for’ exclusion for CSLR
Minister of Financial Services Stephen Jones has opened up on the shortcomings of the Compensation Scheme of Last Resort at the Professional Planner Advice Policy Summit, acknowledging flaws in the system that allow victims to be compensated despite not suffering a capital loss. However, he cautioned there wouldn’t be a quick fix given the unique characteristics of the failed firms that have brought the scheme into disrepute.
February 10, 2025
Advisers off the hook for individual registration
The Albanese Government has scrapped the requirement that advisers must register individually with ASIC from 1 July next year. Although unaware of the announcement coming, ASIC Commissioner Alan Kirkland says the move isn’t surprising, and he praised licensees for compliance with stage one of the requirements.
February 10, 2025
Jones opens the pipeline ‘as wide as possible’ to new entrants
In one of his final speeches to industry, Minister for Financial Services Stephen Jones has told the Professional Planner Advice Policy Summit he wants to smoothen entry into the financial advice profession to anyone holding a bachelor’s degree in any discipline, with a “minimum study requirement” in financial concepts such as finance, economics or accounting.
February 10, 2025
Financial advice law reform is a social and economic policy priority
Despite broad consensus that the lack of access to financial advice due to rising costs and waves of duplicated regulation have not been in the public interest, the profession has seen little in the form of real regulatory relief four years after the QAR commenced. Whoever wins the election must view advice reform as a social and economic policy priority.
February 10, 2025
Generation confirms purchase of Evidentia in $320m deal
ASX-listed Generation Development Group has continued its rapid expansion in wealth, confirming that it will acquire the Evidentia asset consulting business for $320 million and merging Evidentia with Lonsec's investment solutions business.
February 07, 2025
Lifting upfront commissions, simpler products needed to save risk
Risk advice has garnered a reputation of being overly onerous, complex and, ultimately, not commercially worthwhile for advisers. MBS Insurance partner Kris Mason believes there are five key fixes that would help expand advised coverage, including the option to have higher upfront/lower ongoing commissions for new firms.
February 06, 2025
Fractional leaders are the secret weapon to unlocking growth
Outsourcing has become a popular mechanism for businesses to save money, increase efficiency and gain a competitive edge, but it has typically been used to cover entry and mid-level roles. Engage Practice Management director Lena Ridley writes outsourcing can be flipped to the top of the organisational chart to supplement full-time C-suite positions.
February 06, 2025
Five mega forces impacting investors
In the lead-up to BlackRock’s annual wealth symposium, the group’s chief investment strategist for APAC, Ben Powell, underscores the five mega forces transforming the global economy. In a highly disrupted and divergent world, these core themes could present strong investment opportunities in the near term.
February 06, 2025
FAAA calls for government to financially support PY advisers
The Financial Advice Association Australia has called on the government to offer $10,000 subsidies to advice practices that take on professional year advisers, as part of its pre-budget submission. Other recommendations include access to an ATO portal for advisers, changing the ASIC levy and introducing ‘friend of AFCA’ and ‘friend of CSLR’ role.
February 05, 2025
Three’s a crowd as Brookfield joins Insignia bidding war
Brookfield has been given access to do due diligence for a potential acquisition of Insignia Financial after it presented a bid matching offers from Bain Capital and CC Capital. The offer comes despite Insignia knocking back earlier media rumours of a Brookfield bid.
February 05, 2025
UK pension scheme NEST takes 10pc stake in IFM parent company Industry Super Holdings
UK defined contribution pension scheme NEST will take a 10 per cent ownership stake in IFM parent company Industry Super Holdings and commit to significant ongoing investment in the asset manager.
February 05, 2025
