Draft legislation on the first stream of the Quality of Advice Review reforms is expected to be released 'within weeks', according to Minister for Financial Services, Stephen Jones.
Following a 73 per cent pass rate in the August financial adviser exam, the highest since ASIC took over its administration, a high number of new entrants have joined the advice industry this week, according to Wealth Data.
While retail market leaders like Insignia had moderate increases, there were at least five platforms with significant rises in the last financial year, including BT’s $35 billion worth of business transitioning to Mercer.
The Advisers Association has expressed disappointment at AMP’s decision to appeal the BOLR verdict while AMP’s Matt Lawler says he hopes mediation will reach “an outcome that allows us to put this behind us”.
The fund manager has reached an agreement to acquire Bendigo and Adelaide Bank’s superannuation business, which it believes to be “highly complementary” to its ETF business.
AMP has announced this morning that it intends to appeal the verdict of its Buyer of Last Resort class action.
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.
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.
Colonial First State has appointed a new group chief executive following a global search.
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.
