CSLR warns adviser levy will balloonBY KARREN VERGARA | FRIDAY, 25 OCT 2024 12:42PMThe CSLR warned the advice sector should brace for an even bigger levy in the 2026 financial year. Related News |
Editor's Choice
Start-ups, small businesses win CGT reform carveouts
|Treasury has unveiled a package of capital gains tax (CGT) discount carveouts targeting small businesses, and start-ups and their investors following backlash since the reforms were announced in the Budget on May 12.
Aware Super sells majority stake in water portfolio
|Aware Super has sold a majority portion of its Australian water portfolio from the southern Murray-Darling Basin.
ASIC slaps adviser with 10-year ban, strips AFSL
|ASIC has banned Brett Newbound of Victoria, a financial adviser and the sole director of Freedom Wealth Services, which has subsequently lost its AFSL.
ATO reveals highest paid jobs, postcodes
|Victoria is home to Australia's highest earning postcode for the first time, according to newly release Australian Taxation Office (ATO) data, as taxable incomes, capital gains and superannuation balances continue to climb.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani writes.
I have been warning advisers for 2 years that AFCA and ASIC will treat advisers like a piggy bank to cover for failures if oversight. The FAAA have been asleep at the wheel when this should have been fought with only the AIOFP taking the matter on. If Anderson and Abood had worried more about their constituents rather than jockeying for positions we may have fought this with some success. As it stands the good advisers in the industry will pay an exorbitant cost incurred by an AFCA with no oversight when advisers recommending the failed fund ands the fund itself have been allowed to move to another of the parent licences with no oversight.
ASIC are hugely accountable at all levels for this disaster and simply drive good advisers into the ground to cover their own incompetence.
Wouldn't mind seeing E&P kick the tin given they've snaffled a few advisers and a stack of FUM from the ashes... They've directly benefitted financially yet face a proportionately smaller burden.