John Kavanagh
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Insurer kept selling product almost two years after admitting compliance breach

The Life Code Compliance Committee has issued its first sanction under the Life Insurance Code of Practice, calling out OnePath Ltd for failing to implement agreed remedial action. OnePath reported a significant breach of the Code and agreed in November…

Antares investors ‘should look elsewhere’

Morningstar has advised investors to take their money out of one Antares Capital fund and has put another under review, following staff movements at the fund manager. Morningstar says investors in Antares High Growth Shares “should look elsewhere” after the…

Allan Gray, Platypus upgraded in latest Zenith review

Zenith Investment Partners has upgraded two Allan Gray funds to ‘highly recommended’ in its latest Australian Shares Large Companies review. Allan Gray Australia Equity Fund and Allan Gray Australia Stable Fund join 14 other funds rated ‘highly recommended’. They include…

Cryptoasset investor has second thoughts

Facebook may be preparing to take on the global payments market with the launch next year of its cryptocurrency Libra coin, but closer to home the business case for cryptocurrencies, initial coin offerings and blockchain is still very uncertain. Investment…

Dividend ETFs avoiding the traps

Morningstar has assigned ratings to three dividend focused ETFs, crediting them with doing a good job avoiding dividend traps and keeping costs low. The three funds – all rated ‘bronze’ – are Russell Investments High Dividend Australian Shares ETF, State…

Lenders dig in over responsible lending changes

The banking industry is opposed to key parts of ASIC’s proposed overhaul of its guidance on responsible lending conduct, criticising it as a move away from principles-based regulation to a more prescriptive approach, and claiming it will disadvantage small financial…

Fintechs get a bigger sandbox

ASIC will be given greater flexibility to make decisions about how exemptions operate under its regulatory sandbox framework. The Government last week introduced a bill, Treasury Laws Amendment (2018 Measures No.2) Bill 2019, to enhance the sandbox regime, allowing more…

Super fund merger season opens

Super funds Hostplus and Club Super have announced that they are holding talks about a merger. The news comes just days after MTAA Super and Tasplan revealed that they are working on a merger. Hostplus and Club Super have entered…

People: CBA changes executive roles

Commonwealth Bank has used the occasion of the retirement of Anna Lenahan, group general counsel and group executive group corporate affairs, as an opportunity to review its senior roles. The bank will split the role, so that it will have…

Insurers and super fund trustees will also be ‘accountable persons’

The Australian Prudential Regulation Authority’s planned “accountable person” rules, which it detailed in a letter to banks last week, will be extended to insurers and superannuation licensees as the reach of the Banking Executive Accountability Regime is widened. APRA says…