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Articles on financial planning

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The performance of ASIC in regulating financial fraud remains under question, despite Chairman Greg Medcraft’s recanted statement that Australia is a “paradise” for white-collar criminals. Britta Campion/AAP

Do the crime, do the time? Not if you’re a banker in Australia

Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a “paradise” for white-collar criminals. Soon after he recanted, claiming he didn’t want the…
Finance Minister Mathias Cormann has rejected calls for government supervision of planners. AAP

A new regulator and new players - pressure mounts on financial planners

The Australian Bankers’ Association and Financial Services Council announced this week plans to establish an industry-led regulatory body for financial planners. However, whether such a body will be effective…
Despite the fact that Australians are getting wealthier, financial literacy is not increasing at the same rate. shutterstock

Millions of households are missing out on good financial planning

The wealth profile of Australian households has changed phenomenally over the past 25 years, according to a recent paper from the Australian Centre for Financial Studies. Thanks to increases in asset prices…
The path to good financial advice is littered with fees. Shutterstock

The one certainty of financial advice is unfettered fees

One of the main arguments made by Australia’s banks for the watering down of Future of Financial Advice (FoFA) reforms is that it would reduce the cost of financial advice to consumers. Specifically, the…
Australian accountants are concerned new industry standards which ban “conflicted remuneration” such as commissions on insurance in in conflict with financial planning legislation.

Accountants going ape over APES 230

Right now, the Australian accounting industry is in uproar about financial planning. The new standard APES 230 Financial Planning Services, issued by the Accounting Professional and Ethical Standards Board…
Founder of Storm Financial, Emmanuel Cassimatis, speaks before a parliamentary inquiry. AAP

Financial advice reform: have we learned enough from Storm?

When financial planning firm Storm Financial collapsed with $3 billion in investment losses, many of its investors were left destitute. A parliamentary joint committee inquiry into the company’s demise…

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