New Investor Featured

LIC market: sector consolidation gathers pace

Century Australia shareholders voted yesterday in favour of a proposal to merge their company with another listed investment company, WAM Leaders. The two companies announced plans to merge in November, with WAM Leaders to acquire 100 per cent of Century’s…

Boutique manager to de-list LICs

Watermark Funds Management has embarked on a complete overhaul of its business, moving to convert one of its listed investment companies to an unlisted unit trust and proceeding with plans to withdraw from global equities altogether. The company, which has…

MLC Wealth slashes platform fees

MLC Wealth has made a number of changes to the pricing of its Wrap, MasterKey Super and Pension Fundamentals products, claiming administration fee reductions of up to 50 per cent. From February 4, the administration fees for MLC’s retail Wrap…

Takeovers Panel puts the brakes on LIC acquisitions

The Takeovers Panel has put a stop to John Bridgeman Ltd’s takeover of Henry Morgan Ltd and Benjamin Hornigold Ltd, citing unacceptable circumstances. It has issued interim orders, telling JBL to stop processing acceptances received under each bid. It says…

Platform providers face ‘the great compression’

Specialist fund administration providers will continue to take market share away from the incumbents but their earnings will come under significant margin pressure, according to a new report. Macquarie Securities has produced a study of the sector, titled ‘The Great…

FSC extends Life Code consultation

The Financial Services Council has extended the consultation period for its revised Life Insurance Code of Practice to January 31, saying a number of submissions are still being finalised. The FSC has re-written the Code it introduced in 2016, which…

Adviser education pathway finalised

The Financial Adviser Standards and Ethics Authority has finalised its adviser education requirements, yesterday releasing FPS001 Education Pathways Policy. Under the policy, the maximum requirement for a new entrant will be an approved bachelor degree of 24 subjects. The minimum…

LRBAs get some breathing space

The Council of Financial Regulators has downplayed the risk of Limited Recourse Borrowing Arrangements (LRBAs) to the financial system and housing market in its December quarterly statement. In an announcement that will give the SMSF sector some much-needed “Christmas cheer”,…

Advisers provide the cream on the investment cake

Combining their own personal knowledge with professional advice gives investors a significant advantage is a key finding of the annual Legg Mason Global Investment Survey. “Our latest research demonstrates the value of professional financial advice. For example, we found that…

ASIC to conduct on-site IDR reviews

ASIC has called on financial institutions to review their internal dispute resolution procedures, look for ways to improve the consumer experience and “ensure that identified problems are remedied effectively and promptly”. And it warned that it has set up a…