Betashares ventures into super industry with acquisition

BetaShares/Superannuation/ETFs/Alex-Vynokur/

| By Rhea Nath |

The fund manager has reached an agreement to acquire Bendigo and Adelaide Bank’s superannuation business, which it believes to be “highly complementary” to its ETF business.

AUTHOR

Rhea Nath

Rhea L Nath is a journalist at Money Management. She has previously worked as a business reporter with Dynamic Business and journalist in the multicultural media with Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.

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AMP to appeal BOLR verdict

amp/amp-financial-planning/buyer-of-last-resort/bolr/

| By Laura Dew |

Financial planning

AMP has announced this morning that it intends to appeal the verdict of its Buyer of Last Resort class action.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Melbourne adviser faces court over super theft

ASIC/ban/court/

| By Rhea Nath |

Financial planning

A Melbourne financial adviser permanently banned by ASIC earlier this year is facing a maximum penalty of 20 years’ jail for obtaining financial advantage by deception, allegedly spending the money on race cars, boats, and helicopters.

AUTHOR

Rhea Nath

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Should ALRC wait until QAR is over to change advice legislation?

FSC/ALRC/legislation/quality-of-advice-review/QAR/

| By Laura Dew |

Financial planning

The Financial Services Council has noted the “enhanced risk” that comes from implementing changes to financial advice legislation simultaneously with the Quality of Advice Review.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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CFS appoints group CEO

CFS/CEOs/colonial-first-state/Suncorp/

| By Laura Dew |

People & Products

Colonial First State has appointed a new group chief executive following a global search.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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ASIC review identifies licensees' remediation problems

complaints/remediation/ASIC/

| By Laura Dew |

Financial planning

ASIC has warned licensees they could face regulatory action if they fail to remediate customers in a timely manner as it reviews licensees' handling of RG 277 in its first year.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Five takeaways from ASIC’s AFSL data

AFSL/financial-advice/licensees/AFS-Licence/

| By Laura Dew |

Financial planning

Money Management crunches the numbers on ASIC’s data on Australian financial services licence approvals and how it compares over the last three years.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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NextGen Financial Group to be wound up

nextgen/financial-advisers/federal-court/

| By Laura Dew |

Financial planning

After seeing dwindling numbers of advisers and losing a Federal court case regarding an unpaid AFCA determination, NextGen Financial Group is to be wound up.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Count-Diverger merger to create 3rd largest licensee

Diverger-Limited/Hugh-Humphrey/Countplus/Nathan-Jacobsen/Wealth-Data/

| By Laura Dew |

Financial planning

The planned acquisition of Diverger by Count will create the third-largest licensee in Australia, behind Insignia and AMP.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Perth adviser receives jail time for $1m theft

gambling/court/Perth/theft/SMSF/

| By Laura Dew |

Financial planning

A Perth adviser who stole over $1 million from his clients has received a jail sentence in Perth District Court today, with the judge reprimanding his lack of remorse for the crime.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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