Advisers “live in fear of the next black swan event”, according to FAAA general manager Phil Anderson, as they anticipate the start of the Compensation Scheme of Last Resort levies next year and potential high costs to pay Dixon Advisory complaints.
Affected clients of Mercer Financial Advice paid over $14 million in inappropriate ongoing fees, as court documents show ASIC pushed for a penalty of $20 million.
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AFCA has confirmed to Money Management when it will start issuing determinations on Dixon Advisory complaints with a view to the Compensation Scheme of Last Resort’s introduction in April 2024.
In his final shareholder speech, Renato Mota reflects on his tenure as Insignia CEO and the long-term competitive advantage of the business despite its sharp share price falls.
Adviser Ratings has identified two smaller platforms, which are making inroads in challenging established players in the market, as well as eight factors driving advisers’ platform selection.
ESG and responsible investing is yet another sector set to benefit from opportunities offered by artificial intelligence, says an associate director, but it also brings its own challenges.
With nearly half of financial advisers providing responsible investment advice, ESG questions are becoming a fundamental part of the client discovery stage.
