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Regulatory

New guidance to improve super funds' understanding of ESG risks

JAMIE WILLIAMSON  |  TUESDAY, 19 JUL 2022
APRA has said it intends to issue draft guidance on how super funds can demonstrate clear understanding of ESG risks, manage those risks, and reflect ESG considerations in investment strategy.

Former adviser sentenced over theft

CHLOE WALKER  |  MONDAY, 18 JUL 2022
Former Sydney financial adviser Keith Flowers has been sentenced to three years and two months imprisonment, to be served by way of intensive correction order, and fined $9500.

$150m capital overlay no more for Allianz Australia

CHLOE WALKER  |  FRIDAY, 15 JUL 2022
APRA has removed the additional capital overlay it applied to Allianz Australia to address its risk governance weaknesses.

OTC derivatives provider loses licence, executives banned

CASSANDRA BALDINI  |  THURSDAY, 14 JUL 2022
Over-the-counter derivatives provider Sirius Financial Markets Pty Ltd has surrendered its AFSL and its former executives Jonathan Schneider and Oskar Pecyna have both been banned for eight years.

Victorian AR charged with providing unlicensed advice

CASSANDRA BALDINI  |  WEDNESDAY, 13 JUL 2022
Former authorised representative Nizi Bhandari has been charged with engaging in dishonest conduct and providing unlicensed personal financial product advice.

AFA hits back at QAR submissions from Choice, ISA

CASSANDRA BALDINI  |  MONDAY, 11 JUL 2022
The Association of Financial Advisers has hit back at the Quality of Advice Review submissions from Choice and Industry Super Australia, saying their recommendations are harmful to the sector.

Subjects of Royal Commission case study found guilty in court

CHLOE WALKER  |  MONDAY, 11 JUL 2022
The Federal Court has found that Select AFSL (Select), BlueInc Services Pty Ltd (BlueInc) and Insurance Marketing Service Pty Ltd (IMS) engaged in unconscionable conduct when selling insurance products.

Ministers told to divest shareholdings

JAMIE WILLIAMSON  |  FRIDAY, 8 JUL 2022
Under a new code of conduct introduced by Prime Minister Anthony Albanese, federal ministers must divest any direct investments held outside of a public superannuation fund, listed managed funds and some trust arrangements.

Performance test expansion paused as government announces review

RACHEL ALEMBAKIS  |  FRIDAY, 8 JUL 2022
Treasury has halted the extension of the Your Future, Your Super (YFYS) performance test beyond MySuper products for 12 months while conducting a review of the laws.

ASIC takes Lanterne Fund Services to court

ANDREW MCKEAN  |  THURSDAY, 7 JUL 2022
ASIC has issued civil penalty proceedings against wholesale licensee Lanterne Fund Services, saying it operated with almost no compliance staff or risk management processes.