Industry news

360 Capital on a roll

360 Capital Group has entered into a binding agreement to acquire Ralton Asset Management, a managed accounts specialist. It is one of several deals the increasingly active investment company has done in recent months. Ralton will continue to operate its…

ASIC licensing and banning powers beefed up

Recommendations of the 2016 ASIC Enforcement Review Taskforce that the regulator’s powers be strengthened have finally been put into legislation, with the passage of a bill last week that strengthens ASIC’s licensing powers and extends its banning powers. It also…

SuperAA morphs into Seamless SMSF

The self-managed super fund (SMSF) administration and audit firm Superannuation Advisors Australia – known as “SuperAA” is changing its name to Seamless SMSF to better reflect its service delivery and product suite. Set up in 2013 by CEO Mike McHenry,…

Mortgage broker best interests duty bill passed

From July, mortgage brokers will have to comply with current responsible lending obligations and a new best interests duty. Responsible lending and best interests are not the same thing. According to the information memorandum accompanying the bill that was passed…

Industry pushes back against latest financial services reforms

Proposed annual fee renewal arrangements, the disclosure of “lack of independence” and a deferred sales model for add-on insurance are the most controversial aspects of a raft of changes to financial services law introduced in a draft bill last week…

Meet the face of millennial female financial advice

Victoria Devine used to talk about finance with her friends over brunch, without skimping on smashed avocado. Now she is paving the way to the future of financial advice by starting these same conversations amongst a much larger audience. Devine…

FASEA expands education programs

FASEA has expanded the list of approved education programs and courses available to existing advisers and new entrants to the industry. FASEA has released the 2020 legislative instrument and explanatory statement for its relevant providers, degrees, qualifications and course standards.…

Sub-scale ETFs miss the cut

BlackRock Investment Management is continuing to cull its portfolio of local exchange traded funds, announcing that it is terminating the iShares MSCI Taiwan ETF. BlackRock closed five iShares ETFs in 2018, including Singapore, Hong Kong and BRIC equity index funds.…

Advisers to prove value with new tool

Financial advisers can tap into the specific needs, motivations and preferred interactions of potential clients by categorising them into four groups. Fidelity International’s latest report in conjunction with CoreData, The Value of Advice, reveals a ‘navigation style’ tool to assist…

Class acquires compliance technology company

Class Ltd, a leading provider of accounting software to the wealth sector, is diversifying its service offering with the acquisition of a compliance technology company. Class announced yesterday that it is acquiring a corporate compliance and documentation technology company Nowfinity.…