Industry news

Non-major lenders gaining more mortgage share

Non-major mortgage lenders are experiencing record-high market share, according to the latest AFG Index. AFG’s loan writers reveal that 42.3 per cent of homebuyers are lodging their mortgages with a non-major lender, a small increase of 0.9 per cent from…

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…

Planners are using fewer platforms

Financial planners are consolidating the platforms they use, in order to provide affordable advice and efficient administration in a post-Hayne environment. The latest Planner Technology Report by Investment Trends reveals that 57 per cent of respondents are selecting platforms with…

Life industry changes tack on genetic testing

The life insurance industry has introduced a moratorium on the disclosure of genetic test results, with effect from 1 July. The Financial Services Council has introduced a new standard, which is mandatory for all members. Under the standard, consumers will…

Annuity market sizes up new means test rules

The retirement income market is set for significant change, with the introduction next week of new means test rules for pooled lifetime income products. Commentators say there is plenty of discussion in the industry about the opportunities the new rules…

Sandon progresses bid for Mercantile

Sandon Capital is moving closer to its proposed acquisition of Mercantile Investments, buying up more its securities and flagging a shareholder meeting to approve the deal. Legendary corporate raider Ron Brierley’s announcement earlier this month that he would retire triggered…

OpenMarkets launches new trading platform

OpenMarkets Australia, an execution-only share trading platform with more than 30,000 retail and intermediary trading accounts, has launched a new trading platform, OpenMarkets Equix. Available in web and mobile formats, Equix is designed to meet the needs of the self-directed…

Industry fund launches SMSF product

Industry superannuation fund Hostplus is making a play for self-managed super fund business, offering access to assets “ordinarily unavailable to retail investors.” In what is claimed to be a first for the super industry, Self-Managed Invest (SMI) offers SMSF investors…

Financial planning divestments pick up pace

Less than a week after Commonwealth Bank announced the sale of Count Financial Planning, MyState has revealed plans to plans to get out of the personal financial planning business. The acquirers, CountPlus and Fiducian, both see an opportunity to develop…

The future of insurance is insurtech

The insurtech sector has grown by 53 per cent in the last year due to internationally founded insurtechs entering the market, accounting for 30 per cent of the ecosystem. according to the recent research from EY. EY’s recent report, “An…