News

Investments

Trustees dump top 10 domestic equities

SMSF trustees are reducing their investments in Australia’s top 10 listed equities as banks’ bad fortunes drag down the All Ordinaries index.

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Financial Planning, Regulation, Superannuation

RC unconvinced on advice model revamp

The banking royal commission’s final report has not called for the structural separation between product and financial advice, stating it would be costly.

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ASIC, Regulation

RC calls for individual rego, new disciplinary body

Advisers should be individually registered and subject to a new, powerful, single disciplinary body, according to the banking royal commission.

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Regulation

Govt to create compensation scheme of last resort

The federal government will create a compensation scheme of last resort after the banking royal commission added its support to the Ramsay review’s call for its creation.

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Financial Planning, Regulation

Hayne calls for end to grandfathered commissions

The banking royal commission’s final report has called for the scrapping of grandfathered commissions and for those relating to life/risk advice to be reduced to zero.

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Regulation, Superannuation

RC report targets super selling, default funds

The unsolicited selling of super funds will be banned and superannuants will be defaulted a single time as a result of the recommendations from the banking royal commission.

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Superannuation

SMSF Party achieves registration mark

Grant Abbott headshot

Grant Abbott’s SMSF Party has gained enough members for it to register as a political party.

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Investments

Gold, silver top significant items held in SMSFs

Gold and silver are the most popular big-ticket SMSF assets.

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ASIC, Financial Planning

SMSF adviser pleads guilty to $4.88 million theft

A former Adelaide-based SMSF adviser has pleaded guilty to multiple counts of theft totalling more than $4.8 million.

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ASIC, Financial Planning

ASIC halts ongoing fees at CBA advice firm

ASIC has ordered Commonwealth Financial Planning to stop charging advice service fees after it failed to resolve some issues related to fees for no service.

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