As the financial year comes to a close, ASIC has suspended the AFSL of a Melbourne financial services firm following an investigation by the regulator.
ASIC has cancelled the AFS licence of a Victorian fund manager and banned its managing director for four years after discovering “significant and systemic failures of oversight and compliance” which led to investor losses.
Financial adviser losses this week are 10 times higher than those of the previous week, as many look to switch licensees before the end of the financial year.
Some 41 per cent of financial advisers say they have no conflicts of interest in their business, according to Holley Nethercote, indicating a fundamental lack of understanding of the regime.
The Responsible Investment Association Australasia has announced an upcoming adviser-focused course to launch next month about ESG integration in advice firms.
The cost of running an ESG fund is on the rise, and firms and investors are in debate how much this extra cost should impact product costs.
The Financial Advice Association Australia has detailed strategies that can improve advice efficiencies without the need for legislation.
In an update to the case of managed fund Shield Master Fund, the Federal Court has appointed an independent party to have full control of its bank accounts and prevent the responsible entity from dealing in its assets.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
