John Kavanagh
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ACCC spells out Open Banking rules

Consumers will have an online “consumer dashboard” to allow them to manage their data consents when the Consumer Data Right in banking kicks off in July. Details of the dashboard are included in the rules for the Consumer Data Right…

Mortgage broker best interests duty bill passed

From July, mortgage brokers will have to comply with current responsible lending obligations and a new best interests duty. Responsible lending and best interests are not the same thing. According to the information memorandum accompanying the bill that was passed…

Industry pushes back against latest financial services reforms

Proposed annual fee renewal arrangements, the disclosure of “lack of independence” and a deferred sales model for add-on insurance are the most controversial aspects of a raft of changes to financial services law introduced in a draft bill last week…

Sub-scale ETFs miss the cut

BlackRock Investment Management is continuing to cull its portfolio of local exchange traded funds, announcing that it is terminating the iShares MSCI Taiwan ETF. BlackRock closed five iShares ETFs in 2018, including Singapore, Hong Kong and BRIC equity index funds.…

Testamentary trust passes the test

A ruling of the Family Court of Australia has tested the effectiveness of using a testamentary trust to protect assets from claims arising from the breakdown of a marriage. A father established testamentary trusts for his son and daughter in…

Class acquires compliance technology company

Class Ltd, a leading provider of accounting software to the wealth sector, is diversifying its service offering with the acquisition of a compliance technology company. Class announced yesterday that it is acquiring a corporate compliance and documentation technology company Nowfinity.…

Metrics follows up NB credit fund raise

For the second time in a week a listed credit fund has launched a capital raising, underlining the popularity of the sector in a yield hungry market. Metrics Credit Partners’ MCP Master Income Trust aims to raise up to $638…

CML takeover battle nears resolution

Commercial finance company CML Group, which has been juggling competing takeover offers since December, says it will provide some clarity in a statement next week. CML has received offers from commercial finance broker Consolidated Operations Group and rival finance company…

Credit funds on a roll

Investment manager Neuberger Berman hopes to capitalise on strong demand for listed credit income funds, launching an offer of new units in its NB Global Corporate Income Trust. The offer, an entitlement offer and a shortfall offer, is targeting a…

ASIC sets out DDO ‘product governance framework’

The Australian Securities and Investments Commission has been working on the new design and distribution obligations over the summer, issuing draft guidelines that set out the “product governance framework” that issuers and distributors will have to put in place. Under…