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ASIC takes action on Australian Fiduciaries
|ASIC is investigating Queensland financial services firm Australian Fiduciaries, which has $160 million of investor money, and seeks asset preservation orders and the appointment of receivers.
IFM Investors chief of staff exits
|The chief of staff at IFM Investors has departed after nine months in the role.
Royal London Asset Management plants flag in Australia
|Royal London Asset Management has appointed a Sydney-based regional sales head to expand the firm's footprint in Australia.
ASIC cancels Financial Services Group Australia's AFSL
|ASIC has cancelled the AFSL of Financial Services Group Australia (FSGA), which has links to the Shield Master Fund and First Guardian Master Fund. FSGA's responsible manager (RM) Graham Holmes has also been permanently banned from working in the industry.
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John Burke
GLOBAL CHIEF EXECUTIVE OFFICER
BENNELONG FUNDS MANAGEMENT LTD
BENNELONG FUNDS MANAGEMENT LTD
Bennelong Funds Management is like a mainline into the jugular of Australia's financial advice sector, with more than 6500 advisers channelling capital to its funds. But its global chief executive John Burke says the job's not done yet. Andrew McKean writes.
Basically, reads that the current laws and FASEA standards apply to Qualified advisors who give personal advice. Industry and large retail Superannuation funds trustees are able to employ non-qualified persons to give personal advice and not be held to by FASEA standards or best interest duty. So, the Government of the day paid large sum of money to an organisation to write a report to ignore the recommendations of a royal commission.
Whilst the Govt is on the job of reinstating the ability for sales staff employed by the banks and super funds to provide conflicted product sales advice with qualifications from the back of a Weeties packet, could they at least do the honourable thing and also refund to me the thousands of dollars of costs (including professional time costs) they have charged me over the last 5 years to: Complete and pass the FASEA financial adviser exam, maintain my existing CPD & related qualifications, not to mention the exorbitant ASIC levy and Tax Practitioner Board (TPB) registration fees that as a small business / sole practitioner I have been forced to pay (both being fees paid to the Govt for no service). Thanks.