Industry

Industry

Crowded platform market ripe for consolidation

The investment platform market looks due for adjustment as adviser numbers dwindle and more competitors jostle for a seat at the table. A wave of M&A activity and a race for operational scale could be required before the sector’s bright future is fully realised.
Industry

Court slaps $50M fine on MLC trustee

In ASIC's largest ever civil action, MLC Nominees and Nulis Nominees have been lumped with a combined $57.5 million worth of penalties after they duped hundreds of thousands of superannuation members into paying for advice that wasn't provided.
Industry

IOOF discards MLC licensees and shuts down FSP

CEO Renato Mota said the group has taken the "very deliberate" decision to de-risk the MLC acquisition by leaving most of its licensees behind and asking advisers to come across to IOOF’s own brands. Additionally, IOOF has wielded the axe to its FSP brand and taken another step towards a simpler, salaried adviser model.
<2of241>