News in Brief

  • AFA Holding Constitutional Change Webinar;
  • Fitzpatrick Funding Deal;
  • Infocus Purchases Announcer;
  • ASIC Extends Timeframe for Consultation Panel Nominations

AFA Holding Constitutional Change Webinar

The AFA will hold a webinar for members to provide further details for the proposed changes to its constitution.

The webinar will take place on 28 September after the changes have been released to members ahead of a vote to take place at the Association’s Annual General Meeting on 12 October.

The changes were announced to members by AFA President Marc Bineham in August (see: AFA To Revise Constitution at AGM) as part of the AFA’s preparations to become a code monitoring body under the new professional standards regime.

Full details of the webinar are available from the AFA.

Fitzpatrick Funding Deal

Sydney based financial advisory group, Fitzpatricks, have signed a funding deal with two investment firms to support the ongoing growth of the business.

Fitzpatricks stated it had entered into a capital funding partnership with Quadrant Private Equity and boutique investment firm Yorkway Capital Partners.

The group currently has 75 advisers across capital cities and other major centres stating it has picked up advisers and clients looking for a client-centric, privately held, professional service style firm.

Infocus Purchases Announcer

Non-aligned financial advice group Infocus has purchased another advice group with offices in Sydney and Brisbane.

Infocus stated it had acquired the Announcer group, which provides financial advice, mortgage broking and property advice and was started in 1996 by Andrew Rocks.

Announcer practices will be co-branded to be identified as part of the Infocus Group, all staff will remain with the business and Rocks will report directly to Infocus Managing Director and CEO Rod Bristow.

ASIC Extends Timeframe for Consultation Panel Nominations

The financial advice sector has been given a further two weeks to nominate suitable candidates to become members of the new ASIC Financial Services and Credit Panel.

The regulator has extended the closing date for applications from 31 August to 14 September, with members of the Panel assisting ASIC in making banning decisions for misconduct in the provision of financial services to retail investors.

The Panel was first proposed by ASIC in April this year (see: ASIC Proposes Peer Review Panel For Banning Advisers) and applications should to be made by email to ASIC before 10am on 14 September.