Industry news

Tech sector buffeted by Hayne shockwaves

Financial services software developer Intiger is facing “trading challenges”, which it says are a consequence of the Hayne Royal Commission. Business has dried up as clients and prospective clients reassess their approach to personal financial advice. Last month, the company…

Legg Mason enters the ESG fray

Fund manager Legg Mason has moved to meet growing demand for ESG investment products, with the launch of a global fund that combines ESG analysis with a negative screen approach. The Legg Mason QS Investors Global Responsible Investment Fund is…

Independent planner shortage looms

There are not enough independent financial planners to meet the growing demand for independent advice, according to a new survey. The EY 2019 Global Wealth Research reveals that the use of independent advisers in Australia is expected to rise over…

Too many players in sluggish crowdfunding market

After 18 months of operations Australia’s retail crowdfunding market has had mixed fortunes. A few platforms have had good results, while others have done no business at all. There may be a shakeout looming. Licensed crowd sourced funding (CSF) intermediary…

CBA adds customisation to digital banking

Commonwealth Bank will upgrade to a more personalised banking app, as it seeks to maintain a leading position in digital banking. The bank is trialling the latest version of its app and hopes to offer it to customers in two…

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,…