AFCA ups compensation cap for investment and advice complaints

AFCA/complaints/compensation/

Advisers could find themselves facing a larger bill this year if they receive an investments and advice complaint as AFCA updates its monetary rules and compensation cap for complaints.

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Zenith hires from CFS for group head of product role

Zenith/Chant-West/colonial-first-state/

Research house Zenith Investment Partners has appointed a managed accounts expert from Colonial First State to a newly created product role.

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The funds boosting record inflows for ETFs

ETFs/BetaShares/vanguard/global-x/funds-under-management/

Betashares has shared which funds and asset class saw the highest volume of ETF inflows in 2023 as it forecasts funds under management could reach $220 billion this year.

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HUB24 reports record quarterly platform net inflows

HUB24/platforms/Andrew-Alcock/insignia-financial/

A transition of Insignia Financial’s private label to HUB24 has helped the firm’s quarterly platform inflows and number of advisers using the platform.

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Hyperion and Munro back AI for 2024

munro/Hyperion-Asset-Management/artificial-intelligence/technology/

Two fund managers have identified artificial intelligence and machine learning as trends they are embracing for 2024 which could greatly reward the market leaders.

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ASIC IDR reporting kicks in for AFSLs

IDR/internal-dispute-resolution/compliance/regulation/AFSLs/

Hundreds of AFSLs with retail authorisation must now report internal dispute resolution to ASIC by 29 February as the final tranche of the regime’s implementation kicks in, even if they have faced no action.

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Expect equities to rally in H2: Principal

cash/Principal/equities/

The excessive levels of cash held in money market funds is poised to fuel a significant rally in risk assets this year, according to Principal Asset Management, but it will take until the second half of the year to kick in.

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FSC and SIAA buck call for changes to sophisticated investor test

FSC/siaa/wholesale-investing/managed-investments/treasury/

The FSC and SIAA have recommended against major changes to the income or product values for the sophisticated investor test, despite a spike in eligible investors, as they believe the limits are already sufficiently high.

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BlackRock makes $18.6bn infrastructure acquisition

blackrock/infrastructure/Sydney-Airport/global-listed-infrastructure/

BlackRock has acquired Global Infrastructure Partners in an $18.6 billion deal while a series of people moves has seen head of Australasia, Andrew Landman, promoted to deputy head of Asia Pacific.

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Bitcoin ETFs receive ‘nod of approval’ from US regulators

bitcoin/ETFs/cryptocurrency/

Multiple asset managers including Fidelity and VanEck will now be able to list and trade their spot bitcoin ETFs following the approval of the vehicle by the US Securities and Exchange Commission.

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