Industry news

YBR to focus on the mortgage market

Yellow Brick Road is getting out of the wealth business and will focus solely on the mortgage market. The company announced last week that it would start of process to “dispose of, outsource or otherwise restructure the head office wealth…

nib makes travel insurance play

Health insurer nib Holdings has expanded its presence in the travel insurance market, with the purchase of QBE’s travel insurance business. The deal, which was announced in August last year, was completed on Monday. nib paid $24.2 million for QBE…

Trust deficit matched by financial literacy deficit

The level of trust in financial institutions has dropped sharply as a result of the Hayne Royal Commission’s revelations of widespread misconduct in the industry. People are increasingly likely to shun advice and manage their financial affairs themselves. But financial…

New SMSFs sub-scale

The average balance of newly established one and two-member self-managed super funds is well below the minimum balance recommended by the Productivity Commission in its recent super industry review. According to the latest Class SMSF Benchmark Report, the average individual…

Robo needs big financial institutions to get involved

The development of Australia’s robo-advice market has been hampered by the fact that the companies leading the charge have been small B2C companies that have had to build a customer base from scratch. That is the view of Graeme Brant,…

GSFM brings Cambridge Global to Australia

GSFM Funds Management has formed a partnership with Canadian group Cambridge Global Asset Management and will distribute the Cambridge Global Smaller Companies Fund in Australia and New Zealand. Cambridge is owned by Canada’s CI Financial Group, which also owns 80…

Freedom finalises wind-up arrangements

Freedom Insurance Group has finalised arrangements for winding up its business operations, providing the market with details for the transfer of its policy administration services and settlement of its trailing commissions. Freedom confirmed that its policy administration services are being…

Aon Hewitt sold in a management buyout

Aon is the latest group to exit the financial advice business. It has agreed to a management buyout led by Aon Hewitt Financial Advice managing director Jayson Walker. Aon said it would exit the adviser channel “in a phased approach…

Global pension system moves to growth assets

Australia’s superannuation system has long been an outlier among global retirement savings systems because of the big weighting our super funds have to growth assets. The Australian system has sometimes been criticised for this but new research shows other countries’…

Life company compliance not ‘robust’ enough

A review of the life insurance industry’s first year operating under the Life Insurance Code of Practice reveals that most companies have work to do on their compliance frameworks. The Life Code Compliance Committee’s inaugural annual compliance report “encourages subscribers…