Minister for Financial Services Stephen Jones’ two-year campaign to find some solution for the millions of Australians priced out of financial advice has been far from perfect, and his bold plan for a two-tiered model demands scrutiny. But wrestling daily with one of the nation’s most complex legal problems, while balancing the interests of a slew of lobbyists within public and internal party critics, is no mean feat.
The Financial Services and Credit Panel has published its first banning order against an adviser, on the grounds they are insolvent under administration.
APRA has imposed additional licence conditions on NGS Super over its lack of cyber controls.
The Compensation Scheme of Last Resort transitional board has appointed David Berry as inaugural CEO and Delia Rickard as a non-executive director, ahead of the scheme’s scheduled commencement in April 2024.
Minister for Financial Services Stephen Jones on Thursday gave the clearest indication yet he expects super funds to give more advice to more Australians, as he unveiled the government’s plan to implement much of the contentious Quality of Advice Review report. Mega-funds including AustralianSuper, UniSuper and Aware Super backed the package as a major win, but many other funds may be nervous about the new regime they have been thrust into.
A Your Future Your Super-style test for retirement income products would be “an utter disaster”, leading superannuation fund researcher Ian Fryer of Chant West has warned. The comments follow the release of Treasury’s discussion paper this week.
The federal government has opened up to the idea of fine tuning the superannuation performance test, to account for member outcomes without holding back investment in economic priorities such as the net zero transformation and housing, following the third Treasurer’s Investor Roundtable in Canberra.
The Australian Financial Complaints Authority has appointed Heron Loban to its independent board, effective from 1 January 2024.
ASX-listed financial services software company Bravura Solutions has promoted Paul Dunn and Chris Spencer to CEOs of APAC and EMEA respectively.
Investment manager Federated Hermes has partnered with The Global Alliance for a Sustainable Planet (GASP) in the leadup to COP28 in the United Arab Emirates.
Colonial First State (CFS) has expanded investment choices on its CFS Edge platform with a range of managed accounts from Morningstar.
NSW Coalition Senator Andrew Bragg says the latest parliamentary inquiry into the superannuation system will be partly used to debate the merits of retirement savings being put towards home ownership. In a wide-ranging interview with Investment Magazine, the outspoken critic of the sector also conceded funds were right to take climate risk seriously, bucking the trend of some centre-right politicians.
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