An advice association has called for the financial adviser exam to be scrapped, arguing it has served its purpose and is an unnecessary expense.

If all the 1,851 complaints of losses made to AFCA about Dixon Advisory were paid out, it would total $357 million, the organisation said, but it is yet to issue any formal determinations.

Diverger has confirmed a rival bidder has put forward a competing proposal for acquisition, though Count continues to be the frontrunner in the eyes of the board.

The chief executives of AMP and Insignia have shared their thoughts on how regulatory and technological developments can help a largely underserved “middle Australian” population from falling through the cracks of financial advice.

A former Ord Minnett financial adviser, who is being sued by the firm, has been temporarily banned from contacting her former clients after it was found 17 clients moved over to her new employer.