John Kavanagh
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Industry fund launches SMSF product

Industry superannuation fund Hostplus is making a play for self-managed super fund business, offering access to assets “ordinarily unavailable to retail investors.” In what is claimed to be a first for the super industry, Self-Managed Invest (SMI) offers SMSF investors…

Financial planning divestments pick up pace

Less than a week after Commonwealth Bank announced the sale of Count Financial Planning, MyState has revealed plans to plans to get out of the personal financial planning business. The acquirers, CountPlus and Fiducian, both see an opportunity to develop…

Inactive super account deadline looms

The Australian Taxation Office has issued an alert to superannuation fund trustees that they need to identify inactive low-balance accounts and be ready to report account details to the ATO. Tax office deputy commissioner, superannuation and employer obligations, James O’Halloran…

AFCA jurisdiction extended

The Australian Securities and Investments Commission has approved changes to the Australian Financial Complaints Authority rules to allow it to deal with complaints dating back to 2008. AFCA’s mandate will be extended for 12 months to allow it to deal…

Fewer Australians debt free at retirement

The number of Australians going into retirement with mortgage debt is rising rapidly, according to new research. Rachel Ong ViforJ, a professor of economics at Curtin University, and Gavin Wood, emeritus professor of housing at RMIT University, analysed data from…

Into the great unknown: Protecting Your Super

A surprisingly high proportion of inactive super fund members are opting to keep their insurance, as the Protecting Your Super reforms approach. The chief operating officer of NGS Super, Angie Mastrippolito, says the fund is looking at a 20 per…

Taking a different approach to equity release

Property fund manager DomaCom has entered the home equity release market with a product based on a shared equity structure, as an alternative to the standard loan structure of a reverse mortgage. Under the terms of Senior Equity Release, a…

AFCA to name institutions in determinations

In a significant departure from the practices of its predecessor organisations, the Australian Financial Complaints Authority plans to identify financial institutions in its published decisions. AFCA has released a consultation paper and draft rules setting out its plan, which it…

Tech sector buffeted by Hayne shockwaves

Financial services software developer Intiger is facing “trading challenges”, which it says are a consequence of the Hayne Royal Commission. Business has dried up as clients and prospective clients reassess their approach to personal financial advice. Last month, the company…

ASFA Retirement Standard put to the test

Grattan Institute chief executive John Daley took to the stage of the Actuaries Summit in Sydney this week to challenge one of the super sector’s widely used benchmarks – the ASFA Retirement Standard. The Association of Superannuation Funds of Australia’s…