What did you miss this week?

ASIC has cancelled the AFS licence of a Victorian fund manager and banned its managing director for four years after discovering “significant and systemic failures of oversight and compliance” which led to investor losses.

As financial advisers seek out practice management support, the purpose of BDMs has shifted beyond just selling investment products to providing invaluable guidance to advice practices.

Financial adviser losses this week are 10 times higher than those of the previous week, as many look to switch licensees before the end of the financial year.

Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.

Latest analysis from Morningstar has raised concerns with four Australian asset managers, flagging their organisational issues and a less-favourable impact from interest rate cuts.