Perth adviser receives jail time for $1m theft

gambling/court/Perth/theft/SMSF/

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.

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NAB fined $2.1m over wrongful payment fees

NAB/ASIC/federal-court/

National Australia Bank has been ordered to pay $2.1 million by the Federal Court, the maximum penalty possible for a single breach of unconscionable conduct.

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Count makes $45.3m acquisition to create ‘industry leader’ in advice

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

Count has made a significant acquisition of a wealth and financial planning licensee in a deal that will create a combined business with funds under administration and management of $29 billion.

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Insignia outpaces AMP with over 100 adviser losses

insignia-financial/amp/Wealth-Data/adviser-numbers/

Insignia is fast becoming the licensee to feel the biggest brunt of adviser departures, losing 24 this week and over 100 in the past calendar year, which is three times that of rival AMP, according to Wealth Data.

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How many AFSL applications were granted and rejected in FY22-23?

ASIC/regulation/licensing/AFSL/

ASIC has shared how many Australian financial services licences were granted and rejected by the corporate regulator in the 2022-2023 financial year.

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Finalists announced for 10th Super Fund of the Year Awards

super-fund-of-the-year/super-review/super-funds/awards/Superannuation/

TelstraSuper, Aware Super, Australian Retirement Trust, HESTA, and UniSuper are some of the prominent super funds that have qualified as finalists this year.

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Former Treasurer promoted to senior board role at Goldman Sachs Australia

Josh-Frydenberg/Treasurer/Goldman-Sachs/

Having joined the investment bank last July, former Treasurer Josh Frydenberg has been promoted to a senior role on the board of its Australian division.

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How to work with HNWIs

praemium/high-net-worth/financial-advice/

Praemium chief strategy officer Denis Orrock has shared with Money Management how advisers can work with high-net-worth investors as a new report finds 45,000 people have entered the $2.5 million–$5 million bracket.

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ASIC delays adviser registration date for third time

ASIC/adviser-registration/

With just days until the previous scheduled date of 1 October, ASIC has once again delayed the date that relevant providers must be registered.

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Could robots be giving advice to super fund members post-QAR?

Michelle-Levy/quality-of-advice-review/super-funds/financial-advice/

The law “should not continue to assume that financial advice is being given by a person”, according to Michelle Levy, as she hints that advice from superannuation funds could be given by a digital advice tool.

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