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ASIC flags gaps in super fund valuations
|ASIC has called for stronger scrutiny of unlisted investments after finding persistent weakness in how some superannuation funds and auditors assess asset valuations, raising concerns about the accuracy of members' retirement balances.
IMF sees inflation above RBA target through 2027
|The International Monetary Fund (IMF) has projected Australia's inflation to ease to 3.1% in 2027 from 3.9% this year, leaving it outside the Reserve Bank of Australia's (RBA) target range of 2% to 3%.
Treasury consults shifting tax debts from victims to abusers
|Treasury is consulting on extending the powers of the Australian Taxation Office (ATO) to strengthen its response to financial abuse.
Former adviser defies permanent banning orders
|Former financial adviser Ezzat Daniel Nesseim has defied ASIC's permanent banning orders and is in the process of being prosecuted.
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Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
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?