Financial Services Online News Headlines

Tue, 23 Sep: In recent years, retail shopping has undergone a transformation, particularly with the rise of social media platforms such as TikTok pivoting into e-commerce. Livestream shopping has emerged as a new phenomenon, blurring the lines between entertainment and purchasing experiences. This innovative approach, involving interactive demonstrations and engaging hosts, is catching the attention of regulators and academics concerned about potential shopping addiction risks. - read more

Tue, 23 Sep: Recent findings from the University of Melbourne's Household, Income and Labour Dynamics in Australia (HILDA) survey reveal a troubling decline in Australian living standards. The survey reports a drop in mean annual household disposable income, falling below 2020 levels to $116,432. Concurrently, expenses related to childcare, rent, and mortgage payments have surged significantly compared to two decades ago. - read more

Tue, 23 Sep: In a recent report from AMP, the 'Retirement Confidence Pulse' revealed concerning figures about Australians' confidence in their retirement security. The data showed that a significant 50% of Australians do not feel secure about their retirement, with the rising cost of living playing a crucial role in their fiscal anxiety. Notably, the annual cost of a comfortable retirement has surged by over $13,000 within the last five years alone. - read more

Tue, 23 Sep: The Australian Securities and Investments Commission (ASIC) has called for enhanced standards in the private credit sector, coinciding with its recent implementation of stop orders on several financial products. This move comes as part of ASIC's interim report, titled 'Private Credit in Australia,' which identifies significant areas needing improvement: conflicts of interest, fees and remuneration, portfolio transparency and valuations, and terminology. - read more

Tue, 23 Sep: The Australian Securities and Investments Commission (ASIC) has launched a Federal Court case against RACQ Insurance, accusing it of issuing renewal documents with misleading or false premium comparisons. Between September 2019 and December 2024, over 570,000 renewal documents allegedly provided inaccurate information on premiums, even after receiving complaints from customers. - read more

Mon, 22 Sep: As the financial advice industry faces a widening gap, the importance of accessible services is becoming increasingly evident. Deline Jacovides, a financial adviser at Mazi Wealth, is leading by example, striving to make her services more approachable to a diverse client base. - read more

Mon, 22 Sep: New research reveals that half of Australians are anxious about their financial stability in retirement, highlighting the pressure of inflation, cost of living, and high interest rates. According to recent surveys, only 50% of Australians feel confident about their retirement finances, with many lacking a concrete post-retirement financial strategy. - read more

Mon, 22 Sep: A recent report commissioned by the Australian Securities and Investments Commission (ASIC) reveals significant gaps in the process by which retail investors are guided into private credit markets. Authored by former banker Nigel Williams and infrastructure investor Richard Timbs, the report highlights a lack of transparency in how these investors are introduced to private credit opportunities, raising concerns about the expertise of those advising them. - read more

Mon, 22 Sep: Suncorp has been mandated to compensate homeowners with a sum of $155,359 alongside related expenses after wrongly denying accountability for damages caused by a burst flexible hose. This hose failure resulted in significant water damage after hot water at a temperature of 50 degrees Celsius flooded the home over several hours. - read more

Wed, 17 Sep: The Australian government has unveiled its inaugural National Climate Risk Assessment alongside a comprehensive National Adaptation Plan, highlighting the heightened impact of natural disasters on insurance accessibility across the nation. With an urgent call to action, the government acknowledges the impending climate threats and commits to intensifying efforts towards emission reduction. - read more

Tue, 16 Sep: Seeking guidance from financial advisers is driven not just by a desire to identify the best investment opportunities or maximise wealth, but also to gain a greater sense of control over one's financial future. Recent insights from Russel Investments’ Value of an Adviser Report 2025 reveal that 86% of advised clients and 76% of those without advice see gaining control over their finances as a primary benefit of guidance. - read more

Tue, 16 Sep: The Australian Securities and Investments Commission (ASIC) has introduced a new, consolidated legislative instrument that relates to financial advice. This update follows through on ASIC's May announcement regarding the remake of three existing advice-related instruments. - read more

Tue, 16 Sep: The Reserve Bank of Australia's assistant governor, Sarah Hunter, has announced that Australians should brace themselves for a sustained rise in the cost of living. Addressing the Australian Finance Industry Association, she revealed that essential items like milk, bread, and petrol will stay at elevated price levels, not reverting to pre-COVID rates. This pronouncement underscores a new reality for shoppers across the country who will have to adjust to persistently higher prices for daily necessities. - read more

Tue, 16 Sep: The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more

Fri, 12 Sep: A recent report from Netwealth reveals that client satisfaction tends to rise as the advisory relationship matures. However, increased satisfaction doesn’t automatically translate to client loyalty. The 'Creating Loyalty that Lasts' report, presented at the Netwealth Accelerate Summit in Melbourne, scrutinises this dynamic. According to Rebecca Wokes, the firm’s national key account manager, clients often rate their satisfaction higher over time, yet many still choose to leave their adviser. - read more

Fri, 12 Sep: The Property Investors Council of Australia (PICA) has raised alarms over a rising trend where buyers’ agents, accountants, and mortgage brokers are offering financial advice without licenses. These professionals are reportedly promoting the creation of trusts and self-managed super funds (SMSFs) as strategies for fast-tracking property portfolios. The contested advice claims that such structures are the sole path to quickly amassing wealth and retiring early. - read more

Fri, 12 Sep: Australia’s leading financial institution, the Commonwealth Bank of Australia, has openly criticised the Reserve Bank of Australia (RBA) for its calculations related to a proposed reduction in debit and credit card transaction fees. The RBA suggested that the reform would save Australian businesses $1.2 billion annually and benefit the majority of companies, a claim that the Commonwealth Bank strongly disputes. - read more

Fri, 12 Sep: The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more

Thu, 11 Sep: Two pivotal trends are reshaping the landscape of financial advisory, according to Netwealth CEO Matt Heine: the widening advice gap and a pronounced expectations divide between clients and their advisers. Speaking at the Netwealth Accelerate Summit in Melbourne, Heine illuminated these core challenges as opportunities and threats that are currently shaping the advisory industry. - read more

Thu, 11 Sep: Australian superannuation funds are intensifying their support for financial advisers through strategic partnerships and digital innovations to enhance retirement outcomes for their members. In a significant move, the Australian Retirement Trust (ART) has announced a new collaboration with State Street Investment Management aimed at bolstering adviser access to global investment insights and practical strategies. - read more

Thu, 11 Sep: Amid a period of robust consumer spending, Australia's mortgage holders may face limited future interest-rate cuts. The Commonwealth Bank has observed Australians increasing their spending over the last six months, spurred by rising incomes, a robust job market, and previously lowered interest rates. - read more

Thu, 11 Sep: The Compensation Scheme of Last Resort (CSLR) recently highlighted potential delays in compensation payments due to insufficient special levy funds. In July, the CSLR's proposed FY2025–26 levy plan allocated $67.29 million for financial advisers, surpassing the $20 million limit set for the subsector. This shortfall of $47.29 million prompted the Treasury to initiate a consultation in August to determine funding solutions for the excess levy. - read more

Wed, 10 Sep: Younger generations, Millennials and Gen Z, are increasingly seeking financial advice from trusted sources, often bypassing traditional financial advisers. Research by CoreData indicates that advisers risk losing a significant portion of funds under advice as wealth transfers between generations. Speaking at the Netwealth Accelerate Summit in Melbourne, Brett Joffe, co-founder of the financial education platform Flux, highlighted the urgency for advisers to engage with the next generation before platforms like TikTok become their primary source of financial guidance. - read more

Wed, 10 Sep: A recent study by Adviser Ratings, as outlined in the 2025 Australian Financial Advice Landscape Report, indicates that the number of financial advisers in Australia will need to increase significantly. From the present count of 15,500 advisers, the industry is expected to require more than 50,000 over the next thirty years to cater to a growing retiree population. - read more

Wed, 10 Sep: The Australian government is examining potential reforms to non-compete clauses in employment contracts, driven by concerns that current laws may impede workers from advancing their careers and, in turn, hinder economic growth. In this context, the Financial Advice Association Australia (FAAA) has raised concerns about these reforms, urging that the proposed changes should balance the interests of both employees and employers. - read more