Magellan insto flows stabilise after year of outflows

Magellan/FUM/David-George/

Magellan Financial Group has seen flat net institutional flows for the first time in a year while Australian equities outflows have moderated after significant outflows in the past two months.

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Adelaide-based AFSL sees licence suspended

AFSL/ASIC/managed-investment-scheme/

ASIC has suspended the AFS licence of a managed investment schemes and general advice provider after it failed to lodge financial statements and audit reports for the financial years 2019-2022.

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‘Houston, we have a Spaceship problem’

spaceship/spaceship-capital/ASIC/AAT/

Four interim stop orders issued against Spaceship are the latest in a series of issues between the investment firm and the regulator over the last five years.

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FSCP publishes first adviser misconduct verdict

AFCA/ASIC/FSCP/misconduct/

Single disciplinary body the Financial Services and Credit Panel has published its first outcome, relating to an adviser who impersonated a client on the phone.

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Industry veteran takes up chair role at Stake

stake/geoff-lloyd/mlc/Perpetual/

The former chief executive of an ASX-listed asset manager and industry veteran has joined the board of online investing platform Stake as chairman.

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Are life insurance advisers at risk of extinction?

APRA/life-insurance/Adviser-Ratings/risk-advisers/

Less than 1 per cent of total advisers are ‘pure risk’ advisers as commission changes and premium increases drive them out of the profession or into new advice careers, says Adviser Ratings.

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Prime Financial eyes acquisitions as it seeks revenue growth

prime-financial-group/simon-madder/M&A/

Prime Financial is seeking to double its revenue growth by 2025 thanks to a five-year business re-organisation which is now reaping rewards as it sets its sight on multiple acquisitions.

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ASIC issues four interim stop orders against Spaceship Capital

ASIC/spaceship/spaceship-voyager/

ASIC has made its first interim stop order on a superannuation product as well as on three managed funds, all run by Spaceship Capital.

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Advisers ceasing at twice the rate of new entrants

adviser-numbers/Colin-Williams/Wealth-Data/

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.

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Judge warns financial firms on technology interoperability

amp/amp-financial-planning/federal-court/

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.

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