Which firms got a rap on the knuckles in 1H23?

ASIC/APRA/federal-court/

| By Rhea Nath |

From greenwashing allegations and interim stop orders to fines and penalties, Money Management has rounded up all the disciplinary actions faced by firms in the first half of 2023.

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ASIC

APRA

federal court

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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Personal advice fears hinder super funds’ data collection

APRA/ASIC/super-trustees/Retirement-Income-Covenant/

| By Laura Dew |

Financial planning

Super funds are demonstrating gaps in their member data, according to a joint APRA/ASIC review, as they are concerned collecting too much information could put them at risk of providing personal financial advice.

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APRA

ASIC

super trustees

Retirement Income Covenant

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 issues first stop order for life insurance products

| By Laura Dew |

Life/Risk

ASIC has issued its first interim stop order on two life insurance products from ClearView Life for DDO failures.

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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Midwinter

At Midwinter, we know there’s a human interaction behind every quality advice experience.

Morningstar

Like you, Morningstar strives to help clients achieve their financial goals and make sound financial decisions. That’s why we’ve created a comprehensive suite of solutions to both support your business and enhance your client offering.

Ausbil

Ausbil Investment Management Limited is a leading Australian investment manager. Established in April 1997, Ausbil’s core business is the management of Australian and global equities for major superannuation funds, institutional investors, master trust and retail clients.

Vanguard

NextGen ordered by court to pay $270k for inappropriate advice

federal-court/AFCA/inappropriate-advice/nextgen/complaints/

| By Laura Dew |

Financial planning

NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advice.

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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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Jones believes industry can return to 30k advisers

Stephen-Jones/education/adviser-numbers/Sarah-Abood/super-advice/

| By Laura Dew |

Financial planning

Minister for Financial Services, Stephen Jones, believes the industry can return to 30,000 advisers but new pathways are needed as it is unrealistic to expect people to want to become advisers at 18.

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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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