FPA supports ASIC independence definitionBY KARREN VERGARA | FRIDAY, 30 JUN 2017 12:47PMThe Financial Planning Association of Australia is voicing its support for ASIC's definitions on independent financial advice. Related News |
Editor's Choice
Superannuation assets inch to nearly $4.8tn
|Total superannuation assets hit nearly $4.8 trillion in the last financial year, marking a 9% rise, namely driven by the rise of industry funds.
Australian instos inject $705m into Nuveen strategy
|Brighter Super and JANA are among a group of Australian institutional investors who have injected $705 million into Nuveen's Arcmont Asset Management European direct lending strategy.
Macquarie names new wrap platform lead
|Macquarie has appointed a new head of wrap platform after Michelle Weber stepped down from the role following a 13-year tenure at the company.
Invesco APAC head to retire
|Invesco Asia Pacific chief Andrew Lo will retire from the global asset manager next March after 32 years with the firm, closing out more than three decades spent building its presence and partnerships across the region.
Videos
Brought to you by ![]()
Further Reading
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
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. |  |
No matter what ASIC would like the terms to mean, "non-aligned" and "non-institutionally owned" are statements of fact, not subject to interpretation. Worse still, ASIC has suggested that they will police the use of "similar terms". So, where's the line? Is "privately owned" off limits too?
I would love to see a prosecution of use of the terms survive a legal challenge.
By all means, anyone with a vested interest in a transaction should have to declare such, but there are more than two licensee models in the marketplace. Lumping all other than those with a pure fee-only offer into the same category as internal bank run houses does not serve the interests of the consumer. It DOES, interestingly, suit the big institutions quite nicely. Coincidence?