Industry news

Banking industry confirms credit reporting approach

The banking industry has implemented new changes to consumer credit reporting to give more relief to customers affected by the COVID-19 pandemic. The Australian Banking Association (ABA) has announced its member banks will not file a missed payment or hardship…

Using digital tools to solve an online advice crisis

Our investment advice business attracts tens of thousands of readers every week, tens of thousands of listeners to our podcasts every month and an unstoppable and automated flow of new prospects. The craziest thing about all of it is I…

So much more than an advice fee consent form

Advisers will have to do more than seek the consent of their clients to maintain ongoing fee arrangements. They will have to warn of any loss or reduction of benefits that result from paying those fees. They will also have…

Fintechs face a stress test

The fintech sector has been on a steep growth trajectory over the past couple of years, especially in areas such as payments. Investors have been happy to contribute to capital raisings for companies that are still in start-up mode, with…

Capital raisings at risk

A number of companies have had to abandon or scale back capital raising plans, as increasingly volatile markets throw business plans into turmoil. Credit fund managers Neuberger Berman and Metrics Credit Partners have withdrawn capital raising offers, as has regional…

Robo evolves to meet changing needs

Robo advice, which started out as a service to help people meet their financial goals through investment in portfolios of ETFs, has expanded in a number of directions over the past couple of years, as wealth companies find new uses…

Not much ticket left to clip

Regulatory changes to fee and commission arrangements, as well as competitive pressure on fees, are having a big impact on companies with business models built around taking a share of those revenues. Over the past few weeks, the interim financial…

Better advice model needed

Australians don’t like the way financial advice is being currently offered to them and would prefer piece by piece advice when they need it. Michael Blomfield, chief executive of Investment Trends revealed one result of this is that 53 per…

Investment research houses to merge

Two investment management research houses are set to merge, with Zenith Investment Partners announcing that it has entered into an agreement to purchase Chant West’s superannuation research and consultancy business. The deal, which is subject to Chant West shareholder approval,…

FASEA approves more courses

The Financial Adviser Standards and Ethics Authority (FASEA) has approved coursework from two industry association and two university bridging courses, in the latest update of its list of approved courses. As part of its education standards for financial advisers, FASEA…