APRA blocks Bendigo and Adelaide Bank's Adelaide Managed Funds proposal
The Australian Prudential and Regulatory Authority (APRA) has knocked back a proposal from Bendigo and Adelaide Bank to acquire all of the units in one of the Adelaide Managed Funds.
The proposal, put forward by the bank and the fund manager, would have seen the bank acquire all the units in the Adelaide Managed Funds Asset Backed Yield Trust (AYT), but a statement from the groups involved said APRA would not allow the bank to proceed with the proposal.
“The bank is awaiting formal notification from APRA of its position,” the joint statement to the Australian Securities Exchange said.
“The board of [Adelaide Managed Funds] is considering the alternatives available to maximise AYT unit holder value.”
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
