The wholesale loophole: same game, different name
While much progress has been made in the professionalism of advice, Jamie Nemtsas argues that the wholesale loophole threatens to unravel the industry.
Compo scheme leaves advisers and their clients in the lurch – again
Every time there’s a financial implosion triggering a claim on the Compensation Scheme of Last Resort, it’s the innocent left picking up the pieces. Even...
Elephant leans on Shield/First Guardian dam wall, cracks it
Macquarie Investment Management has bowed to ASIC pressure and agreed to compensate fully the $321 million in losses its super fund members lost in the...
No more discussion: REs and managed funds must act on ASIC’s compliance-plan review
ASIC has uncovered widespread failings in the compliance frameworks of responsible entities (REs) overseeing nearly $1 trillion in managed funds. Firms have...
ASIC right to get to grips with private markets
The release of a landmark report by corporate and financial regulator the Australian Securities and Investments Commission (ASIC) into the nation’s rapidly...
FAAA slams 'almighty go-slow' on CSLR/Dixons inquiry
While the second tranche of DBFO reforms remain stuck in parliamentary mud, an inquiry into the CSLR design and Dixons Advisory scandal is already falling...
Regulatory pendulum has 'swung too far': FSC
As a result of reform failures, the industry and its consumers are now enduring the "costly overhang" of poor regulatory design and regulation, the council...
Advice reform and tax 'razor gang' lead FSC's economic growth agenda
While the council's plan for broad tax reform will grab headlines, its three recommendations for the advice industry have the potential to radically uplift the...
'But for' compensation stoush brews between the FAAA and AFCA
AFCA stands by the use of its "But for" methodology to calculate compensation payments, despite the FAAA's protestations. Clients will get paid what they lost,...
New class of advisers limited to prudentially regulated products: Jones
Most of what Jones announced was already known, including a new class of advice. But a few key elements – related to adviser education, product limitations...
‘So much wrong’ with CSLR, but Treasury not inclined to act
The industry has little chance of fighting through the legislative backlog and getting immediate wholesale change made to the ill-designed CSLR. There are...