In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses several prominent issues. Western Australian homeowners face a crisis caused by defective Iplex plumbing systems, prompting calls for industry reform to handle insurance renewal denials. The Australian Securities and Investments Commission mandates new record-keeping practices for Australian Financial Services licensees. The requirements stress maintaining accurate records of personal advice for seven years, active licensee arrangement or not. Gen Z Australians show increased investment in local stocks, with a 46% increase in stock market engagement. Lastly, Westpac ends cardless ATM withdrawals due to safety concerns, signifying the delicate equilibrium between technological progress and security in the financial industry. For more insight on finance, insurance, superannuation, and money management, check out the full episode.
