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Coinbase sued as US crackdown continues

JAMIE WILLIAMSON  |  WEDNESDAY, 7 JUN 2023
... accused Coinbase of breaking market rules, operating as a broker, clearing agency, and national securities exchange when it was not registered to. It was also charged for failing to register the offer and sale of its crypto asset staking-as-a-service ...

HNW population sees biggest decline in decade

CHLOE WALKER  |  WEDNESDAY, 7 JUN 2023
The global high-net-worth (HNW) population dropped by 3.3% to 21.7 million in 2022, while the value of its wealth decreased by 3.6% to $124.3 trillion, according to Capgemini's latest World Wealth Report. This drop, stated by the report, is the steepest ...

SMSFs continue to fly solo

KARREN VERGARA  |  WEDNESDAY, 7 JUN 2023
... that 160,000 trustees currently use the service of a financial adviser, up from 155,000 year on year. Looking at those who do not use an adviser at all, that figure has increased by 15% to 270,000 year on year. Consistent with prior surveys, the reasons ...

Advisers pivot to protect retirees from inflation

CASSANDRA BALDINI  |  WEDNESDAY, 7 JUN 2023
... superannuation contributions. "Retirees should only be making short-term sacrifices to shore up their longer-term lifestyles, not to maximise the wealth they can pass on," Stephan Independent Advisory director and financial adviser James Stephan reinforced. ...

Cash rate hits 4.1%

KARREN VERGARA  |  TUESDAY, 6 JUN 2023
... Real Estate Institute of Australia (REIA) president Hayden Groves said that the RBA may stick to its economics, but it is not immune to political pressures as small businesses and young families with a mortgage struggle with another rate increase. "The ...

ASIC bans former Madison adviser

CASSANDRA BALDINI  |  TUESDAY, 6 JUN 2023
... files from his time as an authorised representative of Madison Financial Group. Following the ASIC investigation, Vick will not be able to provide financial services, perform any function involved in the carrying on of a financial services business ...

Advisers outsourcing to amplify investment capabilities: Mason Stevens

ANDREW MCKEAN  |  TUESDAY, 6 JUN 2023
A Mason Stevens whitepaper says that financial advisers are increasingly embracing outsourcing of their investment capability. Mason Stevens said the main economics of outsourcing are the time freed up for the adviser to nurture client relationships ...

Senate Committee rethinks franking credit changes

ANDREW MCKEAN  |  TUESDAY, 6 JUN 2023
... the government the opportunity to clarify the amendments to ensure they appropriately target the identified behaviour and not create a situation where legitimate business behaviour is unfairly penalised," Burgess said. "There are many legitimate situations ...

ASIC chair calls out greenhushing

RACHEL ALEMBAKIS  |  TUESDAY, 6 JUN 2023
... companies - what he called governance, greenwashing and the growth of sustainable finance. Longo noted that for institutions "it's not a question of 'shareholder returns or ESG', but of shareholder returns with ESG. Rather, it's a question of fair and ...

SEC sues Binance, chief executive

JAMIE WILLIAMSON  |  TUESDAY, 6 JUN 2023
... largely from transaction fees, between June 2018 and July 2021, the SEC stated. "We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at ...