APRA names and shames underperforming super funds

The Australian Prudential Regulation Authority (APRA) will be looking for significant change from poorly performing superannuation funds, following the release of its MySuper heatmap. APRA’s heatmap of over a hundred MySuper products…

New Investor is being transformed

When you see our publication in your inbox or social media feed in the New Year it will have a new name. Next week, on December 18, we will publish our last…

APRA approves IOOF’s acquisition of OnePath

The Australian Prudential Regulation Authority has approved the sale of ANZ’s OnePath Pensions and Investments business to IOOF Holdings, bringing to a conclusion a transaction that has been in train for two…

People: UBS global trading head moves to BTIG

Investment bank BTIG Australia has appointed Andrew Dalgleish as chief executive officer. He joins from UBS where he has been for the last 13 years in a variety of senior roles. Dalgleish…

Limiting cash payments to $10,000 is more dangerous than you might think

We are used to being able to pay for things with legal tender. Other than in special circumstances, refusing to accept cash can have legal consequences. The Currency (Restrictions on the Use…

ETF investors getting active

Investor preference is changing towards active exchange traded funds (ETFs) according to a new study. The latest Betashares/Investment Trends ETF Report found that 32 per cent of investors intend on investing in…

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R&D tax incentives tightened

The Government has revived a bill that will limit access to R&D tax incentives, ignoring recommendations of the Senate Economics Legislation Committee in the process. Treasury Laws Amendment (Research and development Tax Incentive) Bill 2019 is a revised version of…

Compliance failures common in super fund advice to members

Less than half of the financial advice provided by superannuation funds to their members was fully compliant with advisers’ best interests duty and related obligations, a review has found. And a significant number of members were at risk of suffering…

Pengana confirms loyalty benefits

Pengana Capital has confirmed that “loyalty benefit” that will form part of secondary offer for its Pengana Private Equity Trust. Units will be 1 per cent per $100 million raised. Pengana’s move follows the inclusion of a “loyalty reward” in…

Register to avert elder financial abuse

Federal and state governments have established power of attorney reforms as a further step to prevent financial elder abuse. The Council of Attorneys General has agreed to implement a mandatory national online register of enduring power of attorney documents and…

People: HUB24 puts a lawyer on the board

HUB24 has appointed Ruth Stringer as a non-executive director and a member of its audit, risk and compliance committee. Stringer is currently a consultant at Herbert Smith Freehills and prior to that was a senior analyst and specialist in superannuation…

The great wealth transfer: the risks and opportunities for advice firms

Australia, like the rest of the developed world, is on the verge of the largest intergenerational wealth transfer in history. It’s estimated more than $3 trillion will change hands over the next 10 to 20 years as the Baby Boomer…

ASIC powers beefed up

The Hayne fallout continues, with the introduction into Parliament last week of a bill to give ASIC greater powers. Financial Sector Reform (Hayne Royal Commission – Stronger Regulators 2019 Measures) Bill 2019 harmonises ASIC’s search warrant powers, improves the regulator’s…