Industry news

Cashwerkz board takes action to stop outflows

After announcing ambitious expansion plans in January, term deposit marketplace Cashwerkz has paused to overhaul its board and management in the face of funds outflows. Chief executive Hector Ortiz is being relegated to head of sales. The chair Michael Hackett…

Game, set, match: Chi-X’s latest work

Alternative exchange Chi-X Australia is expanding its offerings with a revamped institutional market-on-close trading solution and a launch date for its first exchange traded fund. Chi-X has updated its market-on-close offering with a new service called MatchPoint, which allows institutional…

Insurance bonds back on the menu

Insurance bonds are enjoying a revival, as high-income earners who are limited to putting $25,000 of concessional contributions into super each year, look for tax-effective alternatives. Generation Development Group reports that its Generation Life business sold $224 million of investment…

Neobanks show their wares

A competitive neobank sector is emerging, with 86 400 and newly licensed Xinja launching their product offerings. They join Volt and Judo in the growing sector. Yesterday, 86 400 launched its two accounts available to the public, Pay (with a…

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…

Green debt fund for wholesale investors

Investment manager Foresight Group has launched a green debt fund, which will make loans to small-scale wind and solar projects in Australia. It is claiming a first for the local market. Foresight wants to raise $150 million for the Foresight…

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 broking industry in flux

The mortgage broking industry claims it is picking up a greater share of home loan originations, but this growth was not in evidence when the three big ASX-listed broker groups reported their financial results over the past few weeks. Yellow…

Digital advice making little impact

The take-up of robo-advice in Australia is barely scratching the surface, according to the latest report by the Australian Securities and Investment Commission (ASIC). According to ASIC’s Report 627, Financial advice: What consumers really think, only one per cent of…

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…