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NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advice.
Minister for Financial Services, Stephen Jones, believes the industry can return to 30,000 advisers but new pathways are needed as it is unrealistic to expect people to want to become advisers at 18.
A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super.
Two-thirds of all licensees are paying over $1 million annually in internal compliance costs, including 13 per cent of those with less than 100 staff and representatives, according to Holley Nethercote.
The financial planning-accounting business model is the only one to have seen growth in its adviser numbers since 1 July 2022, according to Wealth Data.
Colonial First State Investments has reached an in-principle settlement regarding a superannuation class action about grandfathered commission.
Prime Minister Anthony Albanese has announced the successor for Philip Lowe at the Reserve Bank of Australia.
It is understood Reserve Bank of Australia governor, Philip Lowe, will not be re-appointed to the governor position with a decision due to be made later today.
