Australia's leading news source for investment professionals

News and Research

APRA admits to pursuing just one sole purpose test issue in 30 years

Amid strong questioning by Government parliamentarians about how regulators monitor the superannuation sole purpose test, APRA has admitted it has only pursued one such case in the past 30 years.

AFCA's inbuilt moral hazard for financial advisers

Frivolous and vexatious consumers should be made to pay for their persistent use of the Australian Financial Complaints Authority against advisers, according to the Financial Planning Association.

The Australian Securities and Investments Commission had fallen short in its review of claims-handling by not sufficiently consulting advisers and clients, according to Integrity Resolutions principal, Col Fullagar.

Have claims-handling bad habits returned to life insurance?

Life insurance claims specialist, Col Fullagar says life insurers appear to be falling back into their bad old ways, including using the Government’s COVID-19 stimulus measures such as JobKeeper against people on claim.

Count lures 11 IOOF/MLC firms and 30 advisers

Count continues to target the IOOF/MLC Wealth acquisition has a recruiting ground for firms and planners.

Govt accused of distorting the law on superannuation

The Federal Government has been accused of extraordinary and undemocratic legislative over-reach by trying to gain control of how superannuation funds invest on behalf of their members.

Highly complex claims processes are forcing superannuation fund members to seek lawyer assistance in making insurance claims.

Money Management Original

SoAs are alienating clients

The industry needs to simplify the way it presents advice to clients as statements of advice can increase anxiety for consumers and does not build trust, according to a panel.

31 March

CommInsure has appointed Deloitte to review past life insurance declined claims, while DLA Piper will examine ethical issues and policy definitions, medical file and record keeping.

Money Management Original

What causes mid-cycle review of the fund rating?

Although research houses tend to take a case-by-case approach, it’s usually not the fund performance but movement of the key personnel and client business that leads to changes and mid-cycle review of the ratings.

31 March

Female financial security linked to partner

Industry news

Banks call for consistent laws to prevent elder abuse

State and territory governments are being urged to adopt consistent power of attorney laws to prevent elder financial abuse, as they meet today regarding a scope for a national register of power of attorney instruments.

31 March

Link Group has launched a digital superannuation advice platform in response to the growing demand for integrated advice.

Industry news

VanEck funds added to AustralianSuper

Three exchange traded funds from VanEck have been added to AustralianSuper’s Member Direct platform, making them available to 2.2 million members.

31 March

Money Management Original

Investors ignoring other EV frontrunners

Investors are fixated on the growth of Tesla at the expense of other electric vehicle manufacturers, according to Antipodes.

31 March

Industry news

Australia’s GDP growth to be lower compared to other developed countries

The gross domestic product growth in Australia is likely to be lower than most other developed nations this year, according to Russell Investments’ global outlook.

31 March

Bennelong Australian Equity Partners co-founder, Paul Cuddy has joined Lazard Asset Management as its managing director.

Industry news

Metrics expands team

The non-bank corporate lender has made several appointments to its investment team, including a new investment director.

30 March

A new ASX study with Deloitte Access Economics has confirmed it’s all about control for those who shun financial advice.

Money Management Original

Are advisers shunning clients with less than $1 million in investible assets

A Parliamentary Committee has heard questioning around whether regulatory costs are now so high that financial advisers will not take on clients with less than $1 million in investible assets.

30 March

Money Management Original

Are industry funds bullying and intimidating the Morrison Government?

Industry funds who have sponsored a major television advertising campaign against the Government’s Your Future, Your Super legislation have been accused of seeking to bully and intimidate the Government and, through it, the Parliament.

30 March

The Financial Services Council is arguing for more industry self-regulation, describing Trowbridge as the “gold standard”.

Industry news

CFD leverage reduced

The corporate regulator’s contracts for difference product intervention order now allows maximum leverage available to retail clients to range from 30:1 to a 2:1 depending on the underlying asset class.

30 March

Industry news

ISA campaign warns women of super cut

Women under 35 will be disproportionately affected by possible cuts to super, according to a social media campaign from Industry Super Australia.

30 March

Industry news

Robo-advice prospering with younger generations

As younger generations turn to micro-investing, which is more financially accessible, robo-advice has flourished, according to a report from Finder.

30 March

ACS Fixed Int - Australia/ Global Bond

	Fund	3y(%) pa
1	IOOF MultiMix Diversified Fixed Interest ATR in AU	4.09
2	PIMCO Diversified Fixed Interest ATR in AU	3.80
3	Macquarie Dynamic Bond ATR in AU	3.63
4	Onepath Wholesale Diversified Fixed Interest Trust ATR in AU	3.62
5	UBS Diversified Fixed Income Fund ATR in AU	3.57