ASIC calls out product issuers on DDO compliance
ASIC has called out product issuers to ensure Design and Distribution Obligations practices are up to scratch, pointing to flawed consumer questionnaires being the catalyst for some recent interim stop orders.
September 10, 2024
Govt concessions on tax adviser ethics bill fails to appease industry
Professional associations representing tax advisers are still pushing for a disallowance vote in the Senate in an effort to block legislation that would introduce eight new ethical obligations. The move comes despite the government agreeing to make amendments after industry consultation.
September 09, 2024
CFMEU saga spreads as APRA takes First Super chair to court
First Super co-chair and former CFMEU boss Michael O’Connor has stepped down from his role at the helm of the $4.5 billion industry super fund after the prudential regulator took legal action against him for allegedly hiring a CFMEU official in the fund’s contracted work. The lawsuit suggests the aftermath of the federal government’s forced administration of the infamous construction trade union is rippling beyond Cbus to other corners of the superannuation sector.
September 09, 2024
Hostplus launches digital education tools
Industry super fund Hostplus has launched a digital education tool, SuperSmart, in collaboration with super fund licensee and advice services providers, Industry Fund Services, and Iress.
September 09, 2024
ASIC wins 95pc of prosecutions in first half of 2024
ASIC has had a success rate of 95 per cent in its civil and criminal prosecutions conducted in the first half of 2024 calendar year, securing $32.2 million in civil penalties and nine criminal convictions.
September 09, 2024
Centrepoint targets 5-10 adviser ‘sweet spot’ for acquisitions
Having bucked the trend of pursuing equity stakes or variable licensee fees, Centrepoint Alliance has identified salaried advisers as its key growth channel. CEO John Shuttleworth tells Professional Planner it’s “sweet spot” for acquisitions are practices with five to 10 advisers.
September 06, 2024
AMP BOLR settlement upheld
AMP’s $100 million Buyer of Last Resort settlement has been upheld by the Federal Court.
September 06, 2024
August adviser exam sees 62 per cent pass rate
Some 62 per cent have passed the August sitting of the ASIC adviser exam, the lowest since the November 2022 sitting when 57 per cent passed.
September 06, 2024
Industry farewells legendary journalist and publisher
Superannuation and financial advice industry leaders were among the hundreds of mourners at the funeral of Greg Bright in Sydney’s eastern suburbs on Thursday. Leng Ohlsson, one of countless journalists and employees mentored by Bright, reflects on a man who cared about people first and foremost – even willing to occasionally prioritise friendship over the story.
September 06, 2024
Four out of 10 bodies got it right – here’s why
Six out of 10 industry associations took out a full page ad this week criticising the government’s tax practitioner reforms. It was a complete miscalculation ahead of the meeting with Minister for Financial Services Stephen Jones on Friday and the key adviser-based associations were smart to not participate.
September 05, 2024
FAAA pushes for ABS classification of advisers
The final consultation of the Australian Bureau of Statistics review of proposed changes to the Australian and New Zealand Standard Classification of Occupations will include the introduction of the occupation of “financial adviser/planner” and “paraplanner”, which the Financial Advice Association has pushed for.
September 05, 2024
REST appoints strategy and data leaders
Super fund REST has appointed Kareene Koh as general manager of strategy and Florence La Carbona as general manager of data and insights.
September 05, 2024
