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Vertical integration still on the table for Australia after parliamentary backing

A key parliamentary committee has rejected legislation to end vertical integration in the Australian financial services industry.

The Senate Economics Legislation Committee within the Australian parliament has today knocked back the proposed legislation, which could effectively have outlawed cross-selling.

Committee chair Jane Hume says current legislative protections are “sufficient enough to ensure money held in bank deposits is safe.”

This comes despite the troubles the industry has faced in the wake of various findings within the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services that has seen Australian’s four largest banks – also the four dominant financial advice providers – exit the market this year.

Financial regulator the Australian Securities and Investments Commission has today also called for a consultation on lifting standards and transparency of complaints handling.

900 advisers let go as major Australian bank exits market

This is set to include new mandatory data reporting and a tightening of standards for its Internal Dispute Resolution arrangements.

These currently allow firms to investigate, resolve of redress problems before consumers can escalate their complaints directly to the regulator.

The FCA is also continuing its work with ASIC on strengthening cooperation between financial services in the UK and Australia including the exchange over information on cross-border activities of advice firms.


Aegon boosts ESG team with global hires

Aegon Asset Management has appointed European Investment Bank exec Brunno Maradei to head its environmental, social and governance operations globally. The position will begin immediately and be based in The Hague. Maradei will manage team responsible for stewardship and voting, ESG integration and reporting support and advice as well as development and maintenance of AAM’s […]


Investor blames FCA for losses after mini-bond firm collapse

A complainant who says the FCA’s investigation into mini bond provider London Capital & Finance unnecessarily caused its inevitable collapse has had their review into the case quashed. The complainant alleges the FCA’s moves against LC&F caused the loss of their investment in mini-bonds with the now-collapsed provider. A total 11,500 investors lost £237m after […]


FSCS launches registration process for London Capital & Finance investors

The Financial Services Compensation Scheme has today urged London Capital and Finance customers to register for updates as it explores possible grounds for compensation.   A total 11,500 investors lost £237m after LC&F fell into default in January with some investors blaming the FCA’s investigation of the firm for its collapse.   In the update […]

How advisers invest: ‘There’s a small proportion of active managers who add value’

Tilney head of financial planning Andy Grant explains how the company’s search for active managers avoids looking for a needle in a haystack Do you approach investment management in-house, outsource it to a third party or use a combination of both?We operate it in-house as we have a pretty extensive investment management team. We think […]

Modi: not out?

Investing in India over the past 18 months has been somewhat turbulent. In general, India has outperformed wider emerging markets in recent years, but in the last few months it has been a bumpy ride, with performance being driven by a combination of external macro drivers and domestic political considerations. Ewan Thompson, Head of Emerging […]


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