Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm.

A close competition has seen AMP Financial Planning lose its long-held position as Australia’s largest individual licensee, according to Wealth Data.

The Financial Services and Credit Panel has delivered a written reprimand to an adviser that it said failed to ensure their client understood their CGT liability.

MLC Life Insurance and Resolution Life Australasia are to merge, creating a combined firm with the new name of Acenda, while NAB has divested its remaining 20 per cent stake.

The deal between Perpetual and KKR is in doubt after the ATO significantly reduced the estimated cash proceeds for shareholders due to a $488 million primary tax liability.