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.

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.

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

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.

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

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.

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

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.

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.

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.