Money Management has collated the top 10 stories of 2022 from ASIC bans to adviser numbers.
1. ASIC makes second Spaceship capital ban
Spaceship Capital director and chairman, Paul Ernest Dortkamp, was banned from performing functions as an officer and responsible manager of a financial services business for two years. His ban has since been overturned by the Adminstrative Appeals Tribunal.
2. ASIC sues Mercer Financial Advice for fees for no service
ASIC commenced civil penalty proceedings against Mercer Financial Advice for allegedly making false or misleading representations to its customers about fees charged and services that were not provided.
3. Former AMP planner details bankruptcy fears over BOLR turmoil
A former AMP planner shared with Money Management how he was nearly driven to bankruptcy after the firm devalued his business.
4. Less than a third of advisers pass Feb exam
The percentage of advisers who passed February’s exam, the first one run by the Australian Securities and Investments Commission (ASIC), fell to 32.4%.
5. Industry loses almost 500 advisers in a month
The financial advice profession lost 89 advisers in the week of 10 June continuing the cascading trend with about 500 leaving within the last four weeks, bringing the industry to 16,545 advisers.
6. ASIC bans Adelaide adviser over early super release
ASIC banned an Adelaide-based financial adviser from providing financial services for five years after problems with the early release of superannuation.
7. $50k offers firms make to retain advisers
The adviser exodus meant existing advisers were seeing pay rises as high as $50k to stay at their current firms while others are being swayed with title changes and extra responsibilities.
8. AFA opposes experience pathway’s clean record requirement
In February, the Association of Financial Advisers (AFA)opposed the Government’s ‘clean record’ requirement under its proposed experience pathway as there would be too many unknowns with how it could be handled.
9. ASIC reviews greenwashing of ESG funds
There were nine questions that fund managers needed to consider when launching a fund in order to prevent greenwashing, according to the Australian Securities and Investments Commission (ASIC).
10. Adviser departures hit triple figures
The advice industry was down 132 advisers in the week to 20 May dominated by the effective closure of 47 small self-licensed Australian financial service licensees (AFSLs), according to Wealth Data.
