Investment market volatility saw Suncorp’s investment portfolios report a loss of $190 million in FY22, compared to a $453 million profit in the prior year, while extreme weather hit its insurance arm.
Financial advice firms are 300x more likely to be victims of a cyber attack and should not be complacent, even if they are a small firm, as they are sitting on valuable data and could incur significant fines if they fail to act.
There is much Australia can learn from the United Kingdom’s regulatory framework, including its strength of being more easily navigable and a focus on outcomes rather than principles, according to the Australian Law Reform Commission.
ASIC has banned Albert Christen Walters, known as Chris Walters, a former director of a financial services licensee, from performing the functions of an officer and a responsible manager of a financial services business for four years.
There are many options within financial services that utilise the skills of a financial planner and advisers should not lose hope if they are deciding whether to leave the profession, according to a former adviser.
The latest data on financial advice complaints, which shows a fall of over 50% in the past year, indicates the improved quality of financial advice, according to the Financial Planning Association of Australia.
Resolution Life Australasia has appointed Tim Tez as chief executive, effective February 2023, replacing Megan Beer who will relocate to London in 2023 to become the chief operating officer of Resolution Life Group.
The Australian Securities and Investments Commission has imposed its first design and distribution stop orders on three financial firms in response to deficiencies in the target market determination for their products.
The Australian Financial Complaints Authority is working on a ‘transformation project’ to offer guidance for firms on its approach and nature of systemic issues, an issue raised by advisers in the Quality of Advice Review submissions.
Growth investors should be patient before putting their cash back to work as there is likely to be more volatility in global equity markets, but growth earnings resilience remains stronger than in cyclicals, according to Munro Partners.