Melbourne adviser faces court over super theft

ASIC ban court

| By Rhea Nath |

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.

AUTHOR

Rhea Nath

Rhea L Nath is a journalist at Money Management. She has previously worked as a business reporter with Dynamic Business and journalist in the multicultural media with Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.

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Should ALRC wait until QAR is over to change advice legislation?

FSC ALRC legislation quality of advice review QAR

| By Laura Dew |

Financial planning

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.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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CFS appoints group CEO

CFS CEOs colonial first state Suncorp

| By Laura Dew |

People & Products

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

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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ASIC review identifies licensees' remediation problems

complaints remediation ASIC

| By Laura Dew |

Financial planning

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.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Five takeaways from ASIC’s AFSL data

AFSL financial advice licensees AFS Licence

| By Laura Dew |

Financial planning

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

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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NextGen Financial Group to be wound up

nextgen financial advisers federal court

| By Laura Dew |

Financial planning

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.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Count-Diverger merger to create 3rd largest licensee

Diverger Limited Hugh Humphrey Countplus Nathan Jacobsen Wealth Data

| By Laura Dew |

Financial planning

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

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Perth adviser receives jail time for $1m theft

gambling court Perth theft SMSF

| By Laura Dew |

Financial planning

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.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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NAB fined $2.1m over wrongful payment fees

NAB ASIC federal court

| By Laura Dew |

Funds management

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.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Count makes $45.3m acquisition to create ‘industry leader’ in advice

Diverger Limited Countplus Hugh Humphrey Nathan Jacobsen

| By Laura Dew |

Financial planning

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.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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