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Metrics freezes redemptions behind listed funds as audit stalls
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ASIC sets FY27 priorities straight
ASIC has outlined its supervisory priorities for 2026-27 with reviews of artificial intelligence (AI), member services and advice fee deductions among the areas of focus for financial services firms.
UBS brings home new alternatives leader
UBS is relocating a private markets specialist from Switzerland to lead its unified global alternatives (UGA) business in Australia, effective 1 November 2026.
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Rachel Alembakis
STEWARDSHIP MANAGER
UNITING ETHICAL INVESTORS LIMITED
UNITING ETHICAL INVESTORS LIMITED
As a highly respected journalist, Rachel Alembakis helped push sustainable investing on the agenda long before it was mainstream. Now, she's stepped into the arena to shape the industry from within. Karren Vergara writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
So, this Government is about to wind the clock back 25 years? The SOA requirements in the original Chapter 7 of the Corporations Act, which was legislated in 2000 with a two year transition, were drafted with a copy of the insurance CAR in mind.
How do I know? I applied for a Financial Services Licence under the new Chapter 7 back in 2002. I was familiar with the old CAR. I was pleasantly surprised to find some common sense in the new SOA rquirements.
Since then I have been increasingly gobsmacked and flabbergasted by the changes to SOA requirements - changes brought in by Governments, lawyers and public servants with no idea of what is really required in the process of providing advise.
Other areas of Chapter 7 have become as messy as the SOA requirements now are, because of the same lack of understanding.
And the outcome? Decimation of financial advice services and an underadvised population in Australia.
What next???
Well, I for one gave up financial advice a couple of years ago. And I'm not regretting it for one minute.
I rarely comment on issues however I must agree with the other comment here. It's more than 25 years of winding back the clock! In fact, I remember the CARs in the early 1990s.
How ironic we are right back where we started! And we will soon have a new form of adviser that can run amok and if it goes wrong rely on the "It was only General information/ Advice? provided" excuse! What was the point of all the study and gaining of qualifications?
Won't be long and every Industry Fund will be able to give advice over the phone with so called "qualified advisers" who have done no study and received a crash course on how to keep the business with THEIR FUND, regardless of better options.