‘But for’ what? Advisers funding clients’ opportunity costs through CSLR
The Financial Advice Association has called out a glaring issue in the AFCA determination process which allows compensation for inappropriate advice even if the client hasn’t suffered a loss. The association says this is a flaw in the system that advisers will have to cover when a complaint goes to the Compensation Scheme of Last Resort.
November 27, 2024
Labor, Coalition make election pitches to advice profession
Shadow Assistant Treasurer Luke Howarth has pledged that cutting red tape in financial advice would be among the “number one priorities” of a Dutton Coalition government, including possible changes to life insurance commission caps and annual consent forms. But Minister for Financial Services Stephen Jones says the “best chance” at legislating advice reform is via a returned Labor government.
November 27, 2024
Superannuation assets hit $4 trillion mark
Total superannuation assets have surpassed the $4 trillion mark at the end of September, according to new quarterly data released by APRA.
November 27, 2024
CSC selects Novigi for administration service improvements
Commonwealth Superannuation Corporation has entered a partnership with Novigi to combine its existing systems for five distinct superannuation schemes onto a unified administration platform, with Novigi supporting all platform operations for a seven-year term.
November 27, 2024
CSLR warned Jones on levy blowout
The head of the Compensation Scheme of Last Resort had warned Minister for Financial Services Stephen Jones the advice profession is unable to bear the burden of covering the scheme with the levy to breach the subsector cap for the next few years. However, fixing the problem will be for whoever holds the portfolio after the next election.
November 26, 2024
Insignia completes MLC Wealth separation from NAB
Insignia Financial has completed the separation of MLC Wealth from National Australia Bank.
November 26, 2024
Why outsourcing is on ASIC’s agenda this year
ASIC is set to review how advice businesses protect client data and manage offshore service providers. Nathan Jacobsen, CEO of financial advice outsourcing firm Vital Business Partners, writes we should embrace this regulatory attention which will further lift industry standards and strengthen consumer protections, and will be a good thing for everyone in the advice ecosystem.
November 25, 2024
Otivo announces executive expansion
Digital advice provider Otivo has promoted three people to it’s executive team, including chief technology officer Nathan Isterling who will now be chief information officer.
November 25, 2024
SelfWealth receives revised offer from Bell after rival bid
Selfwealth has announced it has received a revised proposal from Bell Financial Group to acquire 100 per cent of its shares for $0.25 cash per share by way of a scheme of arrangement.
November 25, 2024
ASIC sticks to its guns on AIOFP ostracism
The corporate regulator has declined its longstanding speaking position at the AIOFP conference due to an escalating row with the controversial fringe association. Professional Planner understands ASIC will now only engage with the body in writing, but AIOFP executive director Peter Johnston says the regulator is afraid to be held to account.
November 22, 2024
