Hundreds of AFSLs with retail authorisation must now report internal dispute resolution to ASIC by 29 February as the final tranche of the regime’s implementation kicks in, even if they have faced no action.

Wealth Data has tallied up the net movement of advisers seen in the financial advice industry during 2023, with only one subsector reporting positive growth.

Following statistics that thousands of financial advisers are yet to complete their financial adviser registration, ASIC has agreed to extend the deadline.

Licensee switching by advisers has led Praemium to report $334 million in net outflows in the December quarter on its ultra-high-net-worth platform Powerwrap, with the rate expected to continue for the next nine months.

The FSC and SIAA have recommended against major changes to the income or product values for the sophisticated investor test, despite a spike in eligible investors, as they believe the limits are already sufficiently high.