Industry Updates

FAAA backs changes to financial adviser exam

The Financial Advice Association Australia (FAAA) has backed the government’s proposed changes to the financial adviser exam, saying it makes it simpler and potentially cheaper to sit.

Centrepoint chair resigns after four months in the role

Chair of ASX-listed financial advice licensee Centrepoint Alliance, Simon Swanson, has resigned effective immediately, after taking over the role in August last year. 

Endeavour Securities directors fined $390k by ASIC

Coporate watchdog ASIC has ordered four current and former directors of Endeavour Securities and Linchpin Capital Group to collectively pay $390,000 in penalties. 

SG Hiscock & Company nabs UniSuper talent as group CIO

SG Hiscock & Company has appointed UniSuper talent Robert Hogg as group chief investment officer, taking over from executive chair Stephen Hiscock. 

AFCA records over 100k annual complaints for the first time

The Australian Financial Complaints Authority has recorded 100,000 complaints in a calendar year for the first time, with the number of scam related complaints almost doubling year on year.  

CSLR board estimates $241m for initial levy

The board for the Compensation Scheme of Last Resort has provided a $241 million estimate of the initial levy to fund claims from eligible consumers who suffered from financial misconduct.

FAAA hires marketing and comms head

The Financial Advice Association has appointed John Summerhays as head of marketing and communications.

Court finds OnePath did not breach duty of utmost good faith

The Federal Court has found that Zurich Australia did not breach its duty of utmost good faith when OnePath Life, the previous owner of Zurich’s life insurance business, avoided an income protection policy because the insured failed to disclose a prior history of hospitalisation for serious mental health issues.

First Nations financial groups launch scholarship program for women

First Nations Economics and First Nations Foundation have launched a $120,000 scholarship program to support women studying finance and business. 

REST expands industrial property exposure

Industry fund REST has expanded its exposure to industrial property through a $1 billion partnership with investment manager Barings. 

Finalists to the AMP ASTRUM quality award announced 

AMP has announced the finalists for the 2023 ASTRUM quality award.  

CEFC commits $75 million to first close of New Forests fund

Clean Energy Finance Corporation has invested $75 million in the forestry sector via specialist fund manager New Forests, targeting carbon abatement of one million tonnes over the next decade.

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