ASIC has made its first interim stop order on a superannuation product as well as on three managed funds, all run by Spaceship Capital.
The number of advisers who have ceased during 2023 is at 365, more than double the new entrants over the same period, and could approach 900 by the end of the year if the current rate continues.
Justice Lisa Hespe has fired a shot across the bows at financial institutions regarding the interoperability of their IT infrastructure in her verdict in the ASIC v AMP Financial Planning case.
Firms introducing artificial intelligence to their businesses should treat it like a new member of staff to train up on the firm’s ethics and values, according to Morgan Stanley.
ASIC has extended the deadline for registration of financial advisers and shared when it expects the portal to open.
With ASIC playing a role in interpreting the law through materials like regulatory guides and in part enforcing the law through stop orders, a panel has questioned if the regulator could occasionally toe the line of overreach.
In a rare speech, former High Court justice, the Honourable Kenneth Hayne, has questioned whether advisers can ‘stand in more than one canoe’, when it comes to conflict of interest between client and product provider.
Peter Orszag, chief executive of financial advisory since 2019, has been named CEO of Lazard, effective 1 October 2023.
Count has announced the successful acquisition of financial advice business Affinia from TAL, welcoming around 100 advisers to its national community.
Scott Hartley is to depart AMP as the firm scraps his CEO of Australian wealth management role while CFO Peter Fredricson will depart after less than a year in the position.
