AFCA’s complaints resolution scheme passes $1bn mark

AFCA/compensation/consumer-protection/

| By Rhea Nath |

The financial services ombudsman has secured $1 billion in compensation and refunds for consumers since 2018 and is on track to receive close to 100,000 complaints this financial year.

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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Former Brisbane adviser permanently banned

ASIC/banning/

| By Laura Dew |

Financial planning

A former Brisbane-based financial adviser has been permanently banned from any involvement in financial services.

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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Global X announces Australian equity ETF

Global-X-ETFs/ETFs/diversification/

| By Jasmine Siljic |

Funds management

The ETF provider has launched the Australia ex Financial & Resources ETF, offering a way for investors to diversify their Australian equity exposure away from the major players.

AUTHOR

Jasmine Siljic

Jasmine Siljic is a journalist at Money Management. Prior to joining MM, she also worked across other Momentum Media brands as an intern and cadet journalist. She recently completed a Bachelor of Media and Communications at Macquarie University.

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Young Australians want and need more financial education

financial-education/Griffith-University/financial-literacy/

| By Rhea Nath |

Financial planning

With the average person seeking out financial advice only after they’ve had a poor experience, it’s crucial to ensure a solid financial base from a young age, according to this Griffith academic.

AUTHOR

Rhea Nath

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Former BT investment head joins Mercer wealth team

BT/mercer/

| By Rhea Nath |

People & Products

John Allmey, former head of investment specialists at BT, will become a strategic relationship leader for wealth management at Mercer following the sale of BT Investment Solutions and Advance Asset Management.

AUTHOR

Rhea Nath

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CBA wealth and advice exec joins Allianz Australia

CBA/ANZ-Wealth/Allianz-australia/

| By Rhea Nath |

People & Products

Shez Ford, former wealth and advice executive at CBA, has moved over to Allianz Australia as chief general manager, consumer.

AUTHOR

Rhea Nath

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Advice fees rise 40 per cent in five years

Adviser-Ratings/advice-fees/fees/

| By Laura Dew |

Financial planning

Financial advice fees have risen by close to 40 per cent over the last five years and the majority of advisers expect to hike fees further in the coming years, according to research.

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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Inflation puts young Australians on edge

finder/inflation/cost-of-living/

| By Rhea Nath |

Financial planning

As younger Australians navigate their first period of rising inflation, almost half of Gen Z say they are unprepared and ill-equipped to make financial decisions amid the rising cost of living, according to Finder.

AUTHOR

Rhea Nath

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BT and Striver collaborate on new adviser talent program

striver/BT/new-entrants/financial-advice/

| By Rhea Nath |

People & Products

With over 20 events to take place across Australia, the newly launched program aimed to attract and develop the next generation of financial advisers.

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Rhea Nath

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Grattan Institute’s bold reforms to boost revenue

Grattan-Institute/federal-budget/Parliament/taxes/

| By Laura Dew |

Policy & Regulation

Redesigning the Stage 3 tax cuts and increasing the age to access super by five years are among the suggestions from the Grattan Institute to boost revenue.

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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