John Kavanagh
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FPA asks which rules will apply to AFCA’s extended jurisdiction

The Financial Planning Association has raised concerns about the plan to extend the Australian Financial Complaints Authority’s mandate back to 2008, saying there is doubt about whether professional indemnity policies will cover “legacy complaints”. The FPA also says it is…

Direct insurance market due for a shake-up

If direct selling of life insurance is to survive the aftermath of the Hayne Royal Commission, product design will have to change and insurers will have to adapt their distribution networks. Possible changes include greater reliance on comparison sites as…

Metrics completes LIT IPO, launches a new capital raising

Commercial lender Metrics Credit Partners is bulking up, with the launch of a $400 million capital raising for its ASX-listed Master Income Trust. Metrics is on a roll. Last month it raised $300 million for a new listed fund, the…

The new ESG push: annual director elections

State Street has called for a debate on Australian board accountability, arguing for annual elections for all directors. Rakhi Kumar, head of ESG investments and asset stewardship at State Street Global Advisors, says a debate on the issue is overdue…

Mandatory CCR bill lapses but big banks to stay the course

The big banks will continue with their comprehensive credit reporting programs, even though the bill that would have required them to do so lapsed last week when the election was called. This is the confident prediction of the Australian Retail…

Blue Sky aims to adds some WAM factor

Alternative investment manager Blue Sky Alternative Investments has called an extraordinary general meeting for June 15 to seek approval to outsource the management of its business and funds to Wilson Asset Management. Blue Sky operates a number of funds, investing…

Jobs opportunities in finance pick up

Demand for staff in the financial and insurance services industry has recovered after a period of weakness last year that coincided with the Hayne royal commission. According to the latest Sunsuper Australian Job Index, job advertisements in the industry rose…

Product providers put on notice: start DDO reviews now

Financial services companies have been put on notice to start reviewing their products to determine how they will operate under new design and distribution obligations and ASIC’s product intervention powers. In a note to clients, King & Wood Mallesons partner…

Octopus renewables investment provides 20 per cent tax offset

Asset manager Octopus Investments, one of Europe’s leading investors in renewable energy, has turned its attention to the Australian market, where it believes there will be significant investment in renewables over the next 30 years. It has launched Octopus Early…

Lender mismanages its own borrowings

Small business lender Axsesstoday has gone into voluntary administration after senior lenders told the company they were not prepared to support it with ongoing waivers of breaches of loan terms. The company announced that it had appointed Deloitte Financial Advisory…