The government will now follow through on Levy’s proposal to bring licensed financial institutions back into the advice fold, while also agreeing to “modernise” the Safe Harbour Steps and swap SOAs with “advice records”.
A recalibration of dislocated markets is inevitable, according to Atrium’s Glen Foster, and the landing may not be a soft one. This presents an opportunity for investment teams that are prepared for a range of outcomes.
The five holdings were only for about two weeks each, and then divested as soon as Morningstar became aware of them. But ASIC takes a seriously dim view of ESG claims that don’t match reality these days.
It’s not a corner office or a fatter pay packet at the top of paraplanners’ collective wish list, but something that is much more beneficial to financial advice practices and the clients they serve.
After a “frenzy” in the pre-pandemic era, markets have calmed down significantly for private equity investment teams. There are opportunities, however, especially for management teams with patience and a little bit of nous.
“I was really worried people would say ‘Is that all?'” the minister said, before explaining that he didn’t want to submit key compliance reforms until they were well-designed and collectively agreed upon.
The government’s position on what to do with the Safe Harbour Steps is no longer clear, but the chances of seeing it supplanted by the existing Code of Ethics are slim according to the FAAA’s policy chief Phil Anderson.
For non-bank corporate lenders that don’t have the regulatory oversight that banks do, using third party validation for loan books is essential according to Epsilon Direct Lending’s Joe Millward.
The potential for artificial intelligence to aid the delivery of financial advice is being recognised globally, and should lead to a “redefinition” of the sector according to commentators.