The cyber risks for self-licensed advice firms; FSC says $5m net asset test crucial to protect investors

As concerns regarding cyber crime grow, a consultant has shared her doubts regarding whether self-licensed financial advice practices are prepared to mitigate the risks of adopting new advice technologies.

The Financial Services Council says the sophisticated investor test needs to be updated to protect consumers.

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Challenger’s Funds Management business benefitted from strong net flows of $5.6 billion on the back of a “diverse offering and investment for growth”.

The boutique asset manager has appointed a former acting chief executive of Challenger Funds Management to its board as a non-executive director.

The director was pulled up last year over providing unlicensed financial product advice.

ASIC has permanently banned a Perth financial adviser following his convictions of fraud.

If the licensee structure is to be removed – or even if it’s here to stay – the imperative for businesses is to evolve or cease to exist, writes Shaun Green.