ASIC believes there is a “chicken and egg” situation when it comes to product development under the Retirement Income Covenant as super funds and firms are unsure if products will see sufficient uptake.
The government is seeking feedback on Australia’s sustainable finance strategy, which has been structured around the pillars of improved transparency on climate and sustainability, financial system capabilities, and government leadership and engagement.
If all the 1,851 complaints of losses made to AFCA about Dixon Advisory were paid out, it would total $357 million, the organisation said, but it is yet to issue any formal determinations.
An advice association has called for the financial adviser exam to be scrapped, arguing it has served its purpose and is an unnecessary expense.
The corporate regulator has outlined its philosophy in dealing with greenwashing and the by-product of greenhushing, having already reported around 35 of such interventions since undertaking this strategic priority in the last year.
The chief executives of AMP and Insignia have shared their thoughts on how regulatory and technological developments can help a largely underserved “middle Australian” population from falling through the cracks of financial advice.
A quarter of fund managers surveyed by Frontier have named the move towards internalisation by super funds as the biggest challenge to their business as they seek to retain super mandates.
ASIC has indicated its disappointment that “little improvement” has been made on the reportable situation regime but financial advice breaches have declined over the year.
Membership of the FAAA declined by 11.7 per cent in the last financial year, according to its 2023 annual report, three times faster than the overall decline in adviser numbers over the period.
Diverger has confirmed a rival bidder has put forward a competing proposal for acquisition, though Count continues to be the frontrunner in the eyes of the board.
