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ASIC sues First Guardian-linked auditors
ASIC has commenced proceedings against Auditeo Australia and two auditors for their involvement in the First Guardian Master Fund failure.
Acclime acquires Melbourne's Polar 993
Acclime, a provider of corporate, governance, advisory and fund services across Asia Pacific and global markets, has signed an agreement to acquire the independent trustee and fund administration business from Melbourne.
Platforms are not solution providers: AZ NGA
AZ NGA group chief executive Paul Barrett warned platforms should stay in their lane rather than overstep to improve financial adviser productivity, reiterating that it is the advice business' responsibility to do so.
Nesta pulls $247m mandate from Northern Trust over climate stance
UK research and innovation foundation Nesta Trust has transferred £120 million ($247m) of assets from Northern Trust Asset Management to Amundi after the US manager withdrew from major global climate initiatives, highlighting the growing commercial consequences of fund managers stepping back from climate ...
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Digital assets and where they stand in 2026
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Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
How ridiculous. Industry funding the government regulator for the industry. Am I missing something here? The big banks are saying that ASIC needs more resources to police the industry and that industry should fund ASIC. So then the banks raise their fees to cover their contribution to ASIC? Simply unbelievable and naive comment.
The big banks hire financial planners whose main job is sell bank products regardless of the inherent risk to anybody that walks through the branch office doors. Surely the question is, when do the big banks take responsibility for their own actions and actions of their staff, admit their collective mea culpa, change their employment practices and disincentivise /prevent their staff from selling high risk products to unsuspecting customers?
As for ASIC, the question has to be is why ASIC has not suspended or revoked the banks financial planning AFSL. There is ample evidence to take to the courts should the banks appeal the revocation of the AFSL. If it was Mr Fred Nobody, a financial planner in the burbs the AFSL would have revoked in nanoseconds.
So....... implement the recommendations of the Trowbridge report, and of the upfront commissions that insurance companies pay, advisers get $1,200 with the remainder going to ASIC?