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Vanguard to acquire custodian Altruist
Vanguard will acquire custodian and investment platform Altruist in a bid to expand into the American independent financial adviser market.
FAAA pushes to expand NCA to financial advisers
Financial Advice Association Australia (FAAA) said it will advocate strongly to expand the scope of the New Class of Advisers' to all financial advisers, which will currently be limited to only superannuation funds and life insurers.
SMSFA appoints head of professional standards
The Self-Managed Super Fund Association (SMSFA) has appointed Keddie Waller as the head of professional standards.
UniSuper unlocks close to $15k for members moving into retirement
Eligible UniSuper members will receive a tax-free bonus of up to $14,700 when they move into retirement phase from October 1.
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Featured Profile
Liza McDonald
HEAD OF RESPONSIBLE INVESTMENT
AWARE SUPER
AWARE SUPER
Liza McDonald would have you believe her path from a legal secretary to the head of responsible investment at Aware Super was a matter of good fortune. Her career says otherwise. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
From someone with no dog in this race, I couldn't help notice another conflict of interest: adviser organisations shooting from the hip at the Code of Ethics in a desperate attempt to stay relevant. Of course, they suffer zero consequences from getting their criticisms wrong?unlike their misled, confused members who have to sit the exam. Remuneration under the Code is really not unclear. Read Standard 7 and the Royal Commission report: the Part 7.7A Div 4 ban on *adviser* Conflicted remuneration is preserved. Exceptions under the Act are exceptions under the Code. The Code however also prohibits the payments Commissioner Hayne had concern about, for recommending ones own products and recommending action when none was appropriate. All FASEA's latest Guidance does is explain how certain specific cases will be dealt with. Unfortunately the more guidance FASEA produces the more some parties with no interest in understanding it will try to hang FASEA with it.