Will lawyers find themselves in the same regulatory boat as advisers? The Government’s proposed changes to class action and litigation funding may see lawyers subject to some of the same obligations as financial advisers, according to the Australian Securities and Investments Commission. For more.

Companies can expect to be named by ASIC on product intervention Informing consumers will sit at the heart of the Australian Securities and Investments Commission’s use of its new product intervention powers. For more.

AFA, FPA and FASEA welcome passing of FASEA extension The financial services bodies have welcomed the extension of the FASEA exam and education standards, which now have the deadline of 1 January, 2022, and 1 January, 2026, respectively. For more.

Westpac to divest final stake in Pendal Westpac is to divest its final 9.5% stake in Pendal as the company looks to “simplify operations”. For more.

Active managers need to adapt Australian active managers need to adapt to changing consumer demands which are driven by a shift to global equities and fee pressures due to the rise of passive investing, Zenith said. For more.

PwC to cut 400 financial advisory and consulting jobs The firm’s revenue had fallen by over 15% in April and May due to the COVID-19 pandemic. For more.

APRA gives ASIC enforcement powers for Westpac investigation The Australian Securities and Investments Commission will be allowed to apply to the courts for fines and disqualification of individuals in relation to AUSTRAC’s proceeding against the bank for efficiency purposes. For more.

Impact investing could become ESG norm Impact investing that is focused on specific environmental, social and governance related outcomes, rather than investing solely in ethical companies could become the new ethical investing norm, according to AXA Investment Management. For more.

The Cinderella of real estate investments As the average life expectancy rises to 83 years, this puts pressure on society to care for an aged population and opportunities in the healthcare property sector, writes Andrew Hemming. For more.