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
Former Coalition Treasurer backs Labor majority over hung Parliament
Former federal Treasurer for successive Coalition governments, Joe Hockey, would rather Labor remain in power than a minority government with independents “governed by self-interest”. In a wide-ranging interview with Professional Planner, the former Ambassador to the United States also elaborated on the future of global trade in the second Trump era.
February 13, 2025
DBFO served up as ‘low hanging fruit’ for next government
The Albanese government is expected to release draft legislation for the contentious second tranche of the Delivering Better Financial Outcomes reforms before the election despite almost no chance of getting the bill through Parliament. Industry consensus was reached at the historic Professional Planner Advice Policy Summit, with leaders and lobby groups now able to present a united front to the next government of either stripe.
February 12, 2025
Three years on, RIC’s intersection of product and advice still evolving
Delivering information, guidance and advice to super fund members at the scale that’s going to be required is too big a task to be tackled by any one part of the ecosystem on its own. The Professional Planner Advice Policy Summit has heard that it’s going to require connections, co-operation and collaboration between multiple players in superannuation and advice.
February 12, 2025
CSLR concedes levy will get worse with more than $100m expected in FY27
The Compensation Scheme of Last Resort expects the upcoming $70 million due in compensation for advice claims will be dwarfed in the following financial year, which will likely exceed $120 million in FY27, the Professional Planner Advice Policy Summit has heard.
February 11, 2025
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
