A Melbourne financial adviser permanently banned by ASIC earlier this year is facing a maximum penalty of 20 years’ jail for obtaining financial advantage by deception, allegedly spending the money on race cars, boats, and helicopters.

AMP has announced that it intends to appeal the verdict of its Buyer of Last Resort class action.

After seeing dwindling numbers of advisers and losing a Federal Court case regarding an unpaid AFCA determination, NextGen Financial Group is to be wound up.

Colonial First State has appointed a new group chief executive following a global search.

Money Management crunches the numbers on ASIC’s data on Australian financial services licence approvals and how it compares over the last three years.