A Brisbane financial adviser has been banned by ASIC after recommending his clients roll their superannuation into SMSFs and borrow to invest in residential property.

The RBA has made its latest interest rate call for June with the bank warning further rate hikes are still to come.

ASIC has suspended the AFS licence of a managed investment schemes and general advice provider after it failed to lodge financial statements and audit reports for the financial years 2019–22.

The former chief executive of an ASX-listed asset manager and industry veteran has joined the board of online investing platform Stake as chairman.

AMP is selling its SuperConcepts self-managed superannuation fund admin and software business with 500 employees to transfer out of AMP.