A busy Q1 for ASIC

With at least five financial adviser bans, including an adviser who falsified his exam result, the Australian Securities and Investments Commission has had a busy start to the year.

Andrew Russell, who spent three years as chief executive of Class, has been appointed interim chair of Bravura Solutions as Neil Broekhuizen departs after 14 years.

The consultation paper on doubling the concessional tax rate for superannuation balances exceeding $3 million would take feedback from stakeholders until mid-April.

Sydney-based wealth manager Sarto Advisory has launched its own online investing solution with OpenInvest to help younger investors.

AMP has updated shareholders on its portfolio simplification program, stating negative short-term profit impacts from strategic decisions around banks and platforms will benefit the long-term business.

GCM Grosvenor has opened an office in Sydney and appointed Andy Lukas as managing director of its Australia and New Zealand operations.

Amid inflation, interest hikes, and changes to superannuation, financial capability remains at the forefront of conversations, though many are concerned about Australians’ ability to manage their money.