John Kavanagh
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AFCA hits the road

The Australian Financial Complaints Authority is on a mission to raise consumer awareness about its dispute resolution service. Some financial institutions can expect their complaints files to grow. Next week, AFCA kicks off its Financial Fairness Roadshow. Starting in Tasmania…

Signs of life in the simple corporate bond market

Financial services group Australian Unity has tapped the little-used simple bond market, launching two new series bonds on the Australian Securities Exchange. The health insurer, fund manager, banker and retirement living group is seeking to raise a total of $250…

Government consults on add-on insurance sales deferral

The new deferred sales model for add-on insurance products will include an option for ASIC to exempt products where the benefits of being able to purchase add-on insurance immediately outweigh the benefits of deferral. The government has moved on its…

Superannuation class actions mount up

Slater and Gordon has filed a class action against Westpac subsidiaries on behalf of superannuation members. The claim was filed against BT Funds Management and Westpac Life Insurance Services last Friday. It is the third superannuation class action Slater and…

Mortgage broker best interest bill under fire

The government’s plan to impose a best interest duty on mortgage brokers has been criticised for being selective in its application, with inconsistent exclusions. A draft bill issued for consultation also bans conflicted remuneration. In a commentary on the bill,…

A bad year for active Aussie equity managers

The 2018/19 financial year was a particularly difficult one for active Australian equity managers, with fewer than 10 per cent of them able to beat the market index. Over the longer term, about 20 per cent of active Australian equity…

ACCC calls for FX fix

The Australian Competition and Consumer Commission has called on providers of international money transfers and FX services to improve their presentation of pricing to consumers and small businesses, and warns it will take action against businesses that mislead consumers about…

Financial planning remediation rolls on

Suncorp is the latest financial services group to complete a remediation program, paying compensation to 4000 clients who received poor advice. Suncorp Life and Superannuation Ltd paid $1.4 million to clients of Suncorp owned Guardian Advice. Suncorp undertook the remediation…

AFCA gets the all clear to name and shame

ASIC has given the Australian Financial Complaints Authority the go-ahead to name firms in its published determinations, in a significant departure from the practices of its predecessor organisations. In June, AFCA released a consultation paper on the issue, saying the…

Mortgage broker best interest duty bill released

The government has opted for a principles-based approach to its new mortgage broker best interest duty, allowing brokers and other mortgage intermediaries to respond to the circumstances they are dealing with. Treasury released an exposure draft of National Consumer Credit…