APRA admits to pursuing just one sole purpose test issue in 30 years
12 April 2021
Only one superannuation fund has faced action over breaches to the sole purpose test in the past 30 years.
Westpac case to call advice distribution into question
31 March 2021
The recent High Court decision ruling Westpac had provided personal advice when it meant to give general information over the phone will have implications for others in the industry, a lawyer has said.
Industry funds using member money for refunds
30 March 2021
House economics committee chair Tim Wilson has questioned ASIC on its lack of enforcement in the industry fund space, pointing to one fund’s apparent use of member contributions to fund remediation for fees for no service.
Case Study – FASI fpCentral™ Aged Care – Industry Moves
4 November 2020
After identifying a gap in the market, founder and executive officer of FASI (Financial Advice Service Innovation), Greg Harper, has launched a referral platform for aged care which he hopes will change the way people navigate their way through the available options.
FASI unveils fpCentral™ Aged Care
4 November 2020
Following a successful introduction in November 2019, FASI has launched a niche national referral platform that connects service organisations with carefully selected and approved financial planning firms that specialise in aged care advice services.
Super fund claims cost of advice is ‘commercially sensitive’
20 October 2020
A major industry superannuation fund has declined to tell a Parliamentary Committee how much revenue it generates from financial advice, claiming it is both commercially sensitive and that disclosure would not be in the best interests of members.
QSuper culls comprehensive advice
3 July 2020
The $110 billion industry fund will stop offering comprehensive advice to new customers on July 6 and cut over 50 positions, as it sees demand for holistic advice fall.QSuper chief executive Michael Pennisi said the decision is based on several years of data, member feedback and member needs.In the last three years, less than 1% of the fund’s 585,000 members accessed comprehensive advice via the superannuation fund. It employs 61 advisers.
Former Cbus advice head launches referral program
8 May 2020
Cbus’ former head of advice Greg Harper has launched a national referral program, looking to connect superannuation funds, accounting firms and other service organisations with financial planning groups.
FASI appoints director
4 May 2020
FASI, founded by former Cbus advice chief Greg Harper, has appointed their first board member.
AMP to pay $5.175 million penalty for failing to prevent insurance churn by its financial planners
5 February 2020
The Federal Court has today ordered AMP to pay a $5.175 million penalty after the court found AMP failed to take reasonable steps to ensure its financial planners complied with the best interests duty and related obligations under the Corporations Act.
Greed, hubris and weak regulation: A year on from the Hayne royal commission, has anything changed?
1 February 2020
It took the 12-month anniversary of the final report into the banking royal commission to get the Morrison government to take legislative action to fix a broken system after decades of unfettered greed and shoddy behaviour.
A new consulting firm and model with a difference
30 January 2020
Former Cbus head of advice and retirement, Greg Harper, last year left the fund to start up his own consulting firm called FASI, in order to offer specialised consultancy on financial advice services for a broad cross-section of the industry. He speaks to Industry Moves about his motivation and shares some general observations on the financial advice service industry.
Cbus head of advice launches firm
17 January 2020
The former head of advice of the $57 billion superannuation fund has launched a new consultancy firm aimed at working with super funds and dealer groups to develop better models of delivering advice.