FPA asks which rules will apply to AFCA’s extended jurisdiction

The Financial Planning Association has raised concerns about the plan to extend the Australian Financial Complaints Authority’s mandate back to 2008, saying there is doubt about whether professional indemnity policies will cover…

Direct insurance market due for a shake-up

If direct selling of life insurance is to survive the aftermath of the Hayne Royal Commission, product design will have to change and insurers will have to adapt their distribution networks. Possible…

People: Korn Ferry appoints new Australasian MD

Executive recruitment company Korn Ferry has appointed Tim Nelson as the managing director of its Australasian operations. Nelson joined Korn Ferry as a financial services partner in 1998 and went on to…

The bearish view of the global economic cycle

Federal Reserve Policy A good place to start evaluating the bearish case for global growth is to consider policy changes at the US Federal Reserve. The Fed raised interest rates by over…

Metrics completes LIT IPO, launches a new capital raising

Commercial lender Metrics Credit Partners is bulking up, with the launch of a $400 million capital raising for its ASX-listed Master Income Trust. Metrics is on a roll. Last month it raised…

The new ESG push: annual director elections

State Street has called for a debate on Australian board accountability, arguing for annual elections for all directors. Rakhi Kumar, head of ESG investments and asset stewardship at State Street Global Advisors,…

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The case for global growth

This June, the current economic expansion will end up being the longest in post-war history. Therefore, it’s natural to ask: “Are we headed into a recession later this year or in 2020?” It’s a tall ask to evaluate whether a…

Mandatory CCR bill lapses but big banks to stay the course

The big banks will continue with their comprehensive credit reporting programs, even though the bill that would have required them to do so lapsed last week when the election was called. This is the confident prediction of the Australian Retail…

Blue Sky aims to adds some WAM factor

Alternative investment manager Blue Sky Alternative Investments has called an extraordinary general meeting for June 15 to seek approval to outsource the management of its business and funds to Wilson Asset Management. Blue Sky operates a number of funds, investing…

Jobs opportunities in finance pick up

Demand for staff in the financial and insurance services industry has recovered after a period of weakness last year that coincided with the Hayne royal commission. According to the latest Sunsuper Australian Job Index, job advertisements in the industry rose…

Product providers put on notice: start DDO reviews now

Financial services companies have been put on notice to start reviewing their products to determine how they will operate under new design and distribution obligations and ASIC’s product intervention powers. In a note to clients, King & Wood Mallesons partner…

AMP’s revolving door keeps spinning

AMP has made 13 appointments at executive and director level since the start of the year, as a new chief executive and a not-so-new chair address the problems revealed in the Hayne Royal Commission hearings. AMP CEO Francesco De Ferrari…

Octopus renewables investment provides 20 per cent tax offset

Asset manager Octopus Investments, one of Europe’s leading investors in renewable energy, has turned its attention to the Australian market, where it believes there will be significant investment in renewables over the next 30 years. It has launched Octopus Early…