‘Industrial scale’: Telemarketer-to-advice pipeline haunting ASIC
The regulator has linked telemarketers using high-pressure sales tactics to refer potential clients to advisers to rollover super funds into the troubled Shield Master Fund. It’s far from an isolated incident with the level of cold-calling sales tactics surprising ASIC Commissioner Alan Kirkland, who had built his career as a consumer advocate fighting against the worst of the worst of conflicted financial services models.
November 29, 2024
Swan fends off Bragg offensive over Cbus governance
Wayne Swan, former Labor treasurer turned chair of embattled profit-to-member fund Cbus, has staunchly defended the construction industry fund’s trustee governance and his own independence at a much-anticipated showdown with a parliamentary committee led by Coalition senator and super sector critic Andrew Bragg.
November 29, 2024
Take Trump at his word: Foreign Minister Wong
Australian investors and business should not be surprised if and when US president-elect Donald Trump enacts sweeping changes, Minister for Foreign Affairs Penny Wong has told a Conexus Financial Political Series event. Senator Wong also called for more investment in the Asia-Pacific and renewables.
November 29, 2024
First Sentier Investors makes senior commercial appointments
First Sentier Investors has appointed its global head of distribution and marketing, Harry Moore, to the newly created role of chief commercial officer. His current position will be filled by Lauren Prendiville, currently the regional managing director and head of distribution for APAC.
November 29, 2024
Practices should get same access to new class of advisers: FAAA
The Financial Advice Association says the new class of adviser should be a “level playing field” whereby advice practices are given the same legislative privileges as the super funds. The controversial second adviser tier was due to be introduced in legislation, but this is becoming unlikely to be voted on in Parliament with an election anticipated to be called early in the new year.
November 28, 2024
No need to wait for Canberra for advice process, documentation simplification
There are things advisers can do right now to reduce the size and complexity of Statements of Advice, improve advice and produce better outcomes for consumers. Some involve artificial intelligence; some require better thinking about processes. But none of them depend on actions out of Canberra, the FAAA Congress has heard.
November 28, 2024
FSC Survey: Fund managers still struggle to attract women in investment teams
The Financial Services Council (FSC) has released the results of its 2024 Women in Investment Management Survey, conducted by Storniolo Consulting.
November 28, 2024
AustralianSuper appoints three in international equities team
AustralianSuper has hired three senior investment professionals in its international equities team, all based in the fund's London office.
November 28, 2024
‘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
