John Kavanagh
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Pengana confirms loyalty benefits

Pengana Capital has confirmed that “loyalty benefit” that will form part of secondary offer for its Pengana Private Equity Trust. Units will be 1 per cent per $100 million raised. Pengana’s move follows the inclusion of a “loyalty reward” in…

ASIC powers beefed up

The Hayne fallout continues, with the introduction into Parliament last week of a bill to give ASIC greater powers. Financial Sector Reform (Hayne Royal Commission – Stronger Regulators 2019 Measures) Bill 2019 harmonises ASIC’s search warrant powers, improves the regulator’s…

Mortgage broker best interests duty bill introduced

The Government has taken action on its promise to introduce a best interests duty for mortgage brokers, tabling a bill in Parliament last week that addresses conflicted remuneration and requires mortgage brokers to act in the best interest of consumers.…

ASIC approach to adviser code welcomed

The Australian Securities and Investments Commission has followed up its announcement that it will grant relief from the requirement for financial advisers to comply with the financial adviser code of ethics, giving details of the steps AFS licensees must take…

Insurance in super reg changes

Superannuation funds will have to ensure that members can “easily opt out” of insurance cover, under changes to the rules covering insurance in super. The Australian Prudential Regulation Authority has released proposed revisions to its standard covering insurance in superannuation…

Property fund merger off, questions remain unanswered

Australian Unity Office Fund (AOF) and CHAB Office Trust have terminated their scheme implementation agreement, after AOF unitholders knocked back resolutions at a scheme meeting. Under the proposed scheme, CHAB would have acquired all the units in AOF – an…

ETF market ends the year with a bang

The ETF market is ending the year with a flourish, with Schroders launching an income ETF, BetaShares launching a range of four diversified ETFs and SelfWealth benchmarking top performing SMSFs to come up with a share portfolio. Schroders is launching…

CommInsure pleads guilty to hawking

Commonwealth Bank life and general insurer CommInsure has pleaded guilty to 87 counts of making “non-compliant, unsolicited” telephone calls to sell insurance products. CommInsure is in the process of refunding $12 million to 30,000 customers. CommInsure’s sale to Hong Kong-listed…

Comyn puts the finishing touches to his top team

Commonwealth Bank chief executive Matt Comyn has chosen a mix of talent from banking, telecommunications and IT for his overhaul of the bank’s senior ranks. In his latest move, Comyn has hired a South African banker to run CBA’s business…

ECP signs with Copia for a crack at the retail market

Multi-boutique asset management distribution group Copia Investment Partners has added ECP Asset Management to its stable, signing a partnership agreement with the Australian equity fund manager. Copia will provide exclusive retail distribution and marketing support for the listed investment company…