Tough Senate questions for ASIC on Dixon Advisory
Financial Newswire
by Mike Taylor
2d ago
The Australian Securities and Investments Commission (ASIC) has been placed on notice to answer detailed questions about its handling of the collapse of Dixon Advisory particularly why it extended the firm’s obligation to remain a member of the Australian Financial Complaints Authority (AFCA). The detailed, written questions have been lodged with ASIC by NSW Liberal Senator, Andrew Bragg, as part of the Senate Estimates process and also ask why, when financial advisers were saying there were problems with Dixon Advisory the regulator took so long to respond. Bragg’s questions have been sitting ..read more
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One year later, 222 fewer advisers
Financial Newswire
by Mike Taylor
2d ago
The reality facing the financial planning profession is that there are now 222 fewer advisers registered on the Financial Adviser Register (FAR) than there was this time last year. According to analysis by WealthData principal, Colin Williams, there are currently 15,480 advisers versus 15,702 on the FAR at the same time last year. The data points to a situation in which, in the absence of Government policy initiatives, it may be at least another two years before adviser numbers climb back over the 16,000 mark. This is notwithstanding Williams’ optimism around the number of new entrants to the ..read more
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Favourable signs for Financial Services M&A
Financial Newswire
by Mike Taylor
2d ago
The Australian financial services industry appears set for another uptick in merger and acquisitions activity, according to the latest analysis from Deloitte, with double the number of companies expecting deals to increase. The Deloitte M&A Survey 2024 has highlighted financial services as being a sector which is “all cashed up and[has] nowhere to grow”. “An incredible 90% of M&A leaders surveyed from financial services are highly confident their balance sheets are strong and cash reserves good (compared to 68% survey wide),” the Deloitte analysis said. “This confidence is flowing thro ..read more
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Castlerock’s “beyond-CBD” office investment strategy delivers
Financial Newswire
by Yasmine Raso
2d ago
Specialist direct property and social infrastructure fund manager, Castlerock, has managed to navigate the ‘negative sentiment’ surrounding office investment to deliver on its “beyond-CBD” approach for investors. The manager said their expertise in securing opportunities off the beaten track has been all but confirmed by its Government Property Fund raising $35 million in capital for “the acquisition and development of new assets aimed at sustaining growth and diversification”. Adam Bronts, Director of Business Development at Castlerock, said the manager’s focus on locking in prime locations o ..read more
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Airwallex lands AFSL, outlines retail investment ‘evolution’
Financial Newswire
by Patrick Buncsi
2d ago
Melbourne-founded fintech Airwallex has announced it has become the first major payments company to be granted an Australian Financial Services Licence (AFSL) enabling it to provide retail investment products. The AFSL, the second for the company, specifically enables the provision of retail investment products. Airwallex landed its first AFSL back in 2016 to provide payments and foreign exchange services. “The authorisation from the regulator formalises Airwallex’s move into investment products and signals the company’s evolution toward becoming an end-to-end financial services platform,” Air ..read more
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Directors of now-cancelled AFSL XTrade banned for 3, 5 years
Financial Newswire
by Yasmine Raso
3d ago
The former directors and responsible managers of the now-cancelled Australian financial services (AFS) licence holder, XTrade.AU, have been banned from carrying on a financial services business by the Australian Securities and Investments Commission (ASIC). Shay Zakhaim and Anthony Anderson have been banned for three and five years, respectively, after an ASIC investigation that led to the business’s licence cancellation in April found both men failed to comply with financial services laws and the supervision of representatives between June 2018 and September 2022. The investigation also found ..read more
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APRA asked to detail time/money spent on super payments to unions
Financial Newswire
by Mike Taylor
3d ago
The Australian Prudential Regulation Authority (APRA) says it has been investigating payments from industry superannuation funds to trade unions over the past two years and has been asked to detail what it has done and how much it has spent. What is more, the questions have been posed by the Australian Greens rather than the Federal Opposition which has previously pursued the issue with APRA during Senate Estimates. The questions appear aimed at having APRA prove the lengths to which it has gone to investigate payments by superannuation funds. South Australian Greens Senator, Barbara Pocock, h ..read more
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Praemium’s mixed result post OneVue acquisition
Financial Newswire
by Mike Taylor
3d ago
Platform business Praemium has acknowledged outflows following its acquisition of OneVue from Iress earlier this year, but says they were in line with expectations. In a quarterly update filed to the Australian Securities Exchange (ASX), Praemium also acknowledged non-systemic outflows from Powerwrap associated with transitioning advisers. However, the overall messaging from the company was positive with it pointing to total funds under administration (FUA) rising 30% to $57.4 billion while the Praemium Separately Managed Accounts business was up 18% to $11.3 billion. It said Powerwrap quarter ..read more
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Strong share market tide lifts retail super boats
Financial Newswire
by Mike Taylor
3d ago
With almost all superannuation spruiking their financial year investment returns, specialist research house, Chant West has placed their results in context pointing to moment the funds derived from strong share markets. Chant West pointed to the median growth fund (61% to 80% in growth assets) returning 9.1%. And the strong performance of share markets also brought retail funds to the head of the pack five out of 10 retail funds being counted in the top 10 although when taken over 10 years, industry funds were absolutely dominant. However, for FY24 the Top 10 includes CFS, IOOF, Mercer and MLC ..read more
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Gold reigns as US creeps toward election: Ninety One
Financial Newswire
by Yasmine Raso
3d ago
New market analysis has shone a spotlight on gold as a key beneficiary of the structural trends driving the United States economy as its 2024 presidential election inches closer. Head of Multi-Asset Growth at Ninety One, Iain Cunningham, has warned investors of the impact of a second Trump administration on market volatility, with fixed income markets already preparing after US treasury volatility after the recent presidential debate. He said investors should be wary of policy changes that may come with a change in administration: “large federal deficits and higher inflation”. “First, the pros ..read more
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