ASIC has sued the trustee of Australia’s largest super fund, AustralianSuper, alleging failures to address multiple member accounts affecting 90,000 members over a decade, its first case jointly with APRA.
Advice firms should be targeting as much as $700,000 per annum per adviser in ongoing advice fees as clients could be willing to pay higher advice fees than advisers are charging, according to WT Financial.
A clause in the experience pathway legislation passed yesterday could improve the prescriptive rules imposed on new entrants and translate to more flexibility in the courses required, according to the FAAA.
The chief executive of Australia's second-largest super fund, Australian Retirement Trust, is to depart next February.
The experience pathway’s passage through Parliament has been welcomed by the industry as a way to prevent further adviser exodus.
Self-licensed advisers are most likely to have seen their profit margins increase over the past 12 months, according to research by Investment Trends, as fees increase for clients.
The experience pathway has passed in Parliament today, three months after being introduced.
RBA governor, Philip Lowe, has made his final rate decision ahead of stepping down from the role later this month.
ASIC has been rapped for ignoring multiple tip-offs about the $180 million Courtenay House Ponzi scheme, waiting four years to take regulatory action.
The corporate regulator has commenced civil penalty proceedings against Westpac for failing to respond to 229 customer hardship notices within the required time limit.
