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Financial Planning

Most planners are aligned, consumers think otherwise

LAURA MILLAN  |  FRIDAY, 2 AUG 2013
In an environment of increasing industry concentration, most financial advisers belong to an aligned dealer group, but their clients seem to think otherwise.

Pro bono advice on rise amid regulatory change

LAURA MILLAN  |  FRIDAY, 2 AUG 2013
Industry efforts to keep up with regulatory changes have not affected advisers' interest in providing pro bono services, and some are already asking for a coordinated approach from the whole industry.

Advice firms start to launch in post-FoFA regime

LAURA MILLAN  |  THURSDAY, 1 AUG 2013
The financial services industry is starting to see the first advice firms launching after the start of the Future of Financial Advice (FoFA) regulation and while the process is more rigorous now, newcomers have the advantage of being fully-compliant ...

ASIC wants more adviser record-keeping rules

LAURA MILLAN  |  THURSDAY, 1 AUG 2013
The Australian Securities and Investments Commission (ASIC) has proposed that financial advisers improve the way they keep their records as part of the best interest duty obligation under the Future of Financial Advice (FoFA) regulation.

Senior CBA exec puts blame on the bank for Storm disaster

LAURA MILLAN  |  THURSDAY, 1 AUG 2013
Senior Commonwealth Bank (CBA) executive Ian Bailey declared that the bank's retail division had a role in the collapse of Storm Capital in January 2009.

Regulator taking a "facilitative" approach to change

ALICE URIBE  |  THURSDAY, 1 AUG 2013
The Australia Securities and Investments Commission (ASIC) chairman Greg Medcraft reiterated his support to the financial services industry as it grapples with the implementation of regulatory changes, saying that the regulator would take a "facilitative" ...

FSC to support Indigenous financial literacy

MARK SMITH  |  THURSDAY, 1 AUG 2013
The Financial Services Council (FSC) has formed a long-term partnership alliance with First Nations Foundation (FNF) to help improve the financial literacy of Indigenous Australians.

Advisers warned: take sequencing risk seriously

JAMES FERNYHOUGH  |  WEDNESDAY, 31 JUL 2013
Sequencing risk can have a "catastrophic impact" on self-managed superannuation funds (SMSFs), according Michael E. Drew, Professor of Finance at Griffith University and partner at Drew, Walk & Co.

Best Interest drives advisers away from products

LAURA MILLAN  |  MONDAY, 29 JUL 2013
The Best Interest Duty provision of the Future of Financial Advice (FoFA) regulation is designed to make planners give comprehensive advice in a process where recommending a product is "the last piece of the puzzle."

First submissions to ASIC inquiry made public

LAURA MILLAN  |  FRIDAY, 26 JUL 2013
The first submissions to the Senate Economics Committee's inquiry into the Australian Securities and Investments Commissions (ASIC) performance have been made public.