Advisers to expect increased workload as YFYS test gets expanded; FSCP hands down first ‘written reprimand’ around advice scoping

The FAAA has warned advisers to be alert if their clients are in an underperforming super fund as this month’s APRA performance test is increased to certain trustee-directed Choice products.

Tackling issues around inappropriate scoping of advice, the Financial Services and Credit Panel has announced its first ‘written reprimand’.

The victims of an alleged Ponzi scheme run by Sydney conwoman, Melissa Caddick, have received their first payout with further payouts expected.

The corporate regulator has commenced its third civil penalty proceedings for alleged greenwashing with the superannuation fund holding investments in Russia when it had listed it as an excluded country.

Fidelity has promoted Jenn-Hui Tan to the newly created role of chief sustainability officer.

The $160 billion Aware Super has made a series of senior hires, with the new appointments joining from global roles at Pendal and AMP.

OP-ED With Magellan CEO David George hinting at possible acquisitions, the appointment of Andrew Formica, who pursued an aggressive M&A strategy for Henderson as its former CEO, is an interesting move.