Most Australians know very little about the basics of superannuation, a survey has found. Plum Financial Services research has found that more than half of the people surveyed didn’t know that basics such as the percentage SGC and haven’t reviewed their fund in the past 18 months. It also found that 40 per cent find the information received from their super fund was too difficult to understand.
Pacific Rim reinvents
Pacific Rim is to change its name to Deakin Financial Services, following approval of the name change at last week’s annual general meeting. Pacific Rim has made its biggest financial services acquisitions in the past year including The Money Planners in April which has about 500 financial advisers and now has about $1.2 billion under advice.
CPA B2B deal
Australia’s largest professional association CPA Australia has announced plans to develop the first business-to-business Internet portal for professional organisations in Australia. The 92,000-member accounting body and online publisher ArtSim have signed an agreement to develop the portal which has been dubbed Professionsnet.
Amex hits our shores
US-based financial services giant American Express is to launch a funds management company in Australia early next year. American Express Asset Management (AEAM) will initially focus on the wholesale side of the industry but may move into retail later. Head office will be based in Sydney and is likely to be operational by April.
ASIC seeks closure
The Australian Securities and Investments Commission (ASIC) has applied to the Victorian Supreme Court to close 22 unregistered investment schemes and their corporate promoters and trustees, including ABC Fund Managers. ASIC has also applied for declarations that ABC Fund Managers, Wharton Partners and other companies have promoted the schemes in breach of the Corporations Law.
ASIC alleges that many of the financial transactions involved in the establishment, management and operation of the schemes were illegal. The scheme records suggest that in excess of $105 million was invested in the 22 schemes from 1995 to at least 1998.
Super challenge
Challenger International has entered the corporate superannuation market through an Internet-based administration system. Challenger’s system will link clients to its products for employers and their workforce.
