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Morningstar invested in nuclear weapons components against ESG claims: ASIC

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.

Tahn Sharpe | 1st Dec 2023 | More
90% of FPA, AFA members have renewed with FAAA since merger

Of the 8,946 practitioner advisers who belonged to either industry group before their April merger, 8,093 have renewed their membership with the merged entity. The FAAA was “very pleased” with the 90 per cent renewal rate, its CEO said, urging stragglers to renew before a grace period ends next month.

Lisa Uhlman | 28th Aug 2023 | More
Regulators skewer super funds for slow progress on retirement income covenant

A joint review conducted by ASIC and APRA was scathing of funds’ collective attempts to meet their new legal obligation to help fund members plan for retirement, and urged them to “address, with urgency, the gaps in their approach”.

Tahn Sharpe | 20th Jul 2023 | More
  • Review into ASIC funding model recommends levy discount cut and… another review

    While finding that more research is needed to determine if the “definitions, metrics and formulas” used to calculate levies remain fit‑for‑purpose, Treasury was able to determine that advisers should no longer benefit from discounted levies.

    Tahn Sharpe | 29th Jun 2023 | More
    Advisers, banks winning back consumer trust: ASX report

    The public appears to be rewarding efforts to reshape the financial advice and banking industries after the royal commission, with advisers and the banks both enjoying an increase in faith across the community.

    Tahn Sharpe | 22nd Jun 2023 | More
    FSC, product providers bemoan lack of support from ASIC on innovation

    On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.

    Tahn Sharpe | 9th Jun 2023 | More
  • ‘Some poor operators out there’: ASIC urged to scrutinise multi-strategy SMAs

    Multi-strategy separately managed accounts (SMAs) are “taking off like you wouldn’t believe”, according to SQM Research CEO Louis Christopher, but the rapid increase in their use could also be creating a regulatory blind spot.

    Lachlan Maddock | 8th Jun 2023 | More
    AMP firms fined $24 million for charging dead clients’ super accounts

    Four AMP Group businesses deducted insurance premiums and advice fees from superannuation customers despite knowing they had died, a judge ruled, with two of the companies – AMP Life and AMP Financial Planning – hit with $24 million in penalties.

    Lisa Uhlman | 22nd May 2023 | More
  • DDO deficiencies ‘across the board’ for product issuers: ASIC

    The regulator has issued 26 stop orders against 18 companies for failing to adequately target financial products to the appropriate market since the “design and distribution obligations” regime began, it said in an initial compliance review. And it warned that closer scrutiny is coming.

    Lisa Uhlman | 8th May 2023 | More
    Adopt advice review plan now, ASIC can smooth any creases later: Levy pens open letter

    The advice review lead had said she wouldn’t comment on the recommendations while the government pondered its response. But with the consultation dragging on, she urged the government to get it done and let ASIC do the refinement.

    Tahn Sharpe | 2nd May 2023 | More
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