A former financial adviser who pled guilty to stealing $10 million from his clients to spend on boats and helicopters has been sentenced in a Melbourne court, with the judge describing his conduct as “reprehensible”.
The last three months have seen at least three high-profile court cases involving adviser misconduct, keeping the corporate regulator on its toes to wrap up a busy quarter.
EY believes there is a benefit for banks in returning to the wealth space and developing decumulation products for consumers entering retirement.
The Senate economics reference committee has shared data from the Commonwealth Director of Public Prosecutions on the number of prosecutions referred to it by ASIC in the last financial year.
Growing public sentiment has seen Australia’s corporate world and super funds venture into conversations around the Voice to Parliament, but it appears fund managers are more reluctant to reveal their stance.
In her first meeting as RBA governor, Michele Bullock has made the monetary policy decision on the monthly cash rate.
The Federal Government has released exposure draft legislation towards doubling the concessional tax rate for super balances exceeding $3 million.
Money Management collates the biggest hires and exits in the financial services space of the last three months.
Draft legislation on the first stream of the Quality of Advice Review reforms is expected to be released 'within weeks', according to Minister for Financial Services, Stephen Jones.
Following a 73 per cent pass rate in the August financial adviser exam, the highest since ASIC took over its administration, a high number of new entrants have joined the advice industry this week, according to Wealth Data.
