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Compliance
Decade-long ban for adviser central to ASIC’s Shield, First Guardian investigation
ASIC has given a 10-year ban to Rhys Reilly, one of the advisers central to the investigation in the $1 billion Shield and First Guardian collapse. The regulator found Reilly accepted $100,000 in conflicted remuneration and that he failed to give advice in the best interests of clients.
Chris DastoorApril 13, 2026
Compliance
Fiducian rejects APRA concerns, says processes blocked Shield and First Guardian
Fiducian says its investment governance framework has avoided high-risk products like Shield and First Guardian from creeping onto the platform, rejecting concerns from APRA which added license restrictions on Fiducian after a thematic review found deficiencies in its oversight of investment options.
Chris DastoorApril 1, 2026
Licensees
Sequoia delays dividend payment pending InterPrac sale
Sequoia Financial Group will delay the payment of a 10 cent per share dividend to shareholders while finalising the sale of InterPrac Financial Planning to little-known Conquest Investment Partners.
Chris DastoorMarch 30, 2026
Regulation
Govt to ban advice fee deductions from super for fund switches
A ban on advice fee deductions from super for switching funds, requiring platform trustees to compensate members for losses, ending ‘but for’ determinations from the CSLR, and higher restrictions on lead generation are among the suite of reforms proposed by the government across three different consultations launched on Wednesday.
Chris DastoorApril 8, 2026
Compliance
MWL adviser banned 3 years for Shield breaches despite 3-month tenure
A financial adviser who spent three months with MWL Financial Services has received a three-year ban for breaching best interests duty when he advised six clients to invest in the Shield Master Fund.
Chris DastoorApril 7, 2026
Superannuation2
Super switching paranoia drives misinformation campaign
The Super Members Council representing profit-to-member funds claims younger and lower-balance Australians are being transitioned by advisers to “risky” platforms and SMSFs, while the Financial Services Council has fired back with data suggesting it is mostly older, wealthier consumers being advised to switch their super. Aleks Vickovich writes the truth, as usual, is probably somewhere in between.
Aleks VickovichMarch 23, 2026
Regulation1
Liberal’s credentials on advice reform to be tested under Taylor, Hume
Newly elected Liberal leader Angus Taylor faces an uphill battle to keep the Coalition from splitting apart again and to reinvent the party as a viable force in politics. Having strongly advocated for advice reform prior to the last election, the opposition’s performance will be closely scrutinised by the profession.
Simon HoyleFebruary 13, 2026
Industry
Court winds up Shield, First Guardian-linked advice practices
The Federal Court ordered that two of the advice firms at the forefront of the $1 billion Shield and First Guardian scandal, Venture Egg and United Financial Advice, will be wound up following an application by ASIC.
Chris DastoorMarch 26, 2026
Professional Standards2
FAAA looks overseas to address chronic shortage of advisers
A Financial Advice Association Australia submission to Jobs and Skills Australia recommending “financial adviser” and “paraplanner” be added to the 2026 Occupation Shortage List would open up pathways to recruiting from overseas to fill a significant and growing shortfall in the number of advisers needed to meet the demand for advice from an aging population.
Simon HoyleMarch 19, 2026
InFocus
Volatile markets put minimum volatility strategies in the spotlight
The assumption that higher risk equals higher returns is generally true, however, BlackRock believes there is empirical evidence that less risky stocks deliver similar or even better risk-adjusted returns than higher volatility stocks over the long term.
Professional PlannerApril 7, 2026
Managed Accounts
‘No Shield or First Guardians’ in managed accounts
Scrutiny of managed accounts is unwarranted given their track record which is yet to see a collapse like Shield and First Guardian or Dixon Advisory, according to a pair of proponents of the vehicle, which has layers of fiduciary responsibility preventing a similar type of failure.
Chris DastoorApril 7, 2026
Risk1
How pro bono advice delivers a helping hand in tough times
Navigating the world of insurance claims can be daunting, especially for people facing significant health or financial challenges. Financial adviser Natalie Lackner volunteered for the Pro Bono Financial Advice Network to help those in need secure access to advice.
Fiona HarrisJanuary 12, 2026
Industry
Profile CEO steps aside after seven years
Profile Financial Services CEO Lena Ridley will step away from the company at the end of next month, ending a nearly seven-year tenure that was marked by sweeping changes in the industry due to the Hayne royal commission, the Covid-19 pandemic, and the divestment of its product arm.
Chris DastoorOctober 10, 2024
Productivity fix needed to boost capacity to 200 clients per adviser