Two advice professionals have discussed why three-quarters of advisers looking to leave the industry in the next 12 months are under 40, and what can be done.

ASIC has banned a financial services director for 10 years and cancelled the AFSL of his company for his “cavalier attitude” to financial services laws, including inappropriate advice and failing to act in clients’ best interests.

Concerns have been raised about “fly by night” private credit managers and why advisers should be wary when it comes to their fund selection.

ASIC has suspended the Australian financial services licence of a Melbourne fund management firm.

The firm acquired Pendal in January 2023, but some 80 per cent of the firm’s FY24 asset management outflows came from Pendal products, according to Morningstar.