John Kavanagh
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More pain for banks as APRA overhauls related entity standard

The Australian Prudential Regulation Authority has conceded that its revised related entities standard may create difficulties for banks and other authorised deposit-taking institutions (ADIs). Prudential standard APS 222, Associations with Related Entities, has been updated with a view to reducing…

Retirement income estimates have a ‘remarkable’ impact

The inclusion of estimates of lump sums and income streams at retirement in super fund member statements can have a significant impact on member behaviour, new research has found. Until recently, most funds gave members only their current balance, leaving…

Tough times in the comparison site market

After his first full year running comparison site company iSelect, chief executive Brodie Arnhold said the company had “stablilised” in 2018/19, after some difficult times. Stable maybe, but still in the red. The company reported a loss of $4.4 million…

TPB cracks the whip

The Tax Practitioners Board has stepped up its investigations into tax agents suspected of high-risk behaviour and it has terminated a number of registrations in recent months. In July the TPB reported that it was investigating more than 350 tax…

Infrastructure’s purple patch

Infrastructure funds proved their worth during the global equity market sell-off in the December quarter last year, playing their role as high-yielding and defensive equity investments. Since then they have performed strongly, as investors have responded to falling inflation and…

Magellan’s brokerless IPO

Magellan Financial Group is building on its “investor partnership” model with the initial public offering for its new listed investment company, the Magellan High Conviction Trust. Investors in some of its other funds will receive a “loyalty reward” of units…

Investment manager needed to help run Securitisation Fund

The Australian Office of Financial Management is looking for an investment manager to help it manage its new Australian Business Securitisation Fund. The Australian government’s debt issuance and cash manager has issued a request for tender, inviting interested parties to…

Court ruling on responsible lending not the end of the matter

The Federal Court yesterday rejected ASIC’s allegation that Westpac’s automated loan application assessment system was in breach of its responsible lending obligations, ruling that a lender “may do what it wants in the assessment process”. That is not the last…

ATO has single-asset SMSFs in its sights

The Australian Taxation Office will contact more that 17,000 self-managed super fund trustees and their auditors, where the SMSF is holding 90 per cent or more of its funds in one asset or a single asset class. The ATO says…

Bendigo still fighting to recover Great Southern loans, still losing

Bendigo and Adelaide Bank has lost another case in its pursuit of outstanding loans taken out by investors in the failed agribusiness scheme operators Great Southern Plantations. In Bendigo and Adelaide Bank Ltd & Ors v Kenneth Ross Pickard &…