More pain for banks as APRA overhauls related entity standard

The Australian Prudential Regulation Authority has conceded that its revised related entities standard may create difficulties for banks and other authorised deposit-taking institutions (ADIs). Prudential standard APS 222, Associations with Related Entities,…

People: board renewal at IOOF

Former ING Direct chief executive Vaughn Richtor has been appointed as a director of MyState Ltd. Richtor has extensive experience in banking, and following his role at ING Direct was chief executive…

Developing a Trumptweet investment strategy

On August 1, President Trump sent four tweets about China. With tweet three, which talked about additional tariffs on US$300 billion of goods exported from China to the US, Trump rocked markets…

Retirement income estimates have a ‘remarkable’ impact

The inclusion of estimates of lump sums and income streams at retirement in super fund member statements can have a significant impact on member behaviour, new research has found. Until recently, most…

Tough times in the comparison site market

After his first full year running comparison site company iSelect, chief executive Brodie Arnhold said the company had “stablilised” in 2018/19, after some difficult times. Stable maybe, but still in the red.…

TPB cracks the whip

The Tax Practitioners Board has stepped up its investigations into tax agents suspected of high-risk behaviour and it has terminated a number of registrations in recent months. In July the TPB reported…

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Magellan’s brokerless IPO

Magellan Financial Group is building on its “investor partnership” model with the initial public offering for its new listed investment company, the Magellan High Conviction Trust. Investors in some of its other funds will receive a “loyalty reward” of units…

Investment manager needed to help run Securitisation Fund

The Australian Office of Financial Management is looking for an investment manager to help it manage its new Australian Business Securitisation Fund. The Australian government’s debt issuance and cash manager has issued a request for tender, inviting interested parties to…

People: BT GM to head Xplore Wealth

Xplore Wealth has appointed general manager of BT Financial Advice Michael Wright as its chief executive. Wright has over 21 years’ experience in banking and advice and was previously general manager of Westpac Financial Planning in Queensland, general manager of…

AFG to become Australia’s biggest mortgage aggregator

Australian Finance Group (AFG) has announced a $120 million takeover of rival mortgage aggregator Connective Group. The acquisition will make AFG a mortgage distribution superpower with a total of 6575 brokers and a staggering $76 billion of the $198 billion…

Proceed with caution in emerging markets

Investing in emerging markets is a bit like making a soufflé: it’s a courageous undertaking fraught with the risk of things not working out as hoped. EM economies may be buffeted by political strife, currency crises, and other upheavals, leaving investors a…

Court ruling on responsible lending not the end of the matter

The Federal Court yesterday rejected ASIC’s allegation that Westpac’s automated loan application assessment system was in breach of its responsible lending obligations, ruling that a lender “may do what it wants in the assessment process”. That is not the last…

ATO has single-asset SMSFs in its sights

The Australian Taxation Office will contact more that 17,000 self-managed super fund trustees and their auditors, where the SMSF is holding 90 per cent or more of its funds in one asset or a single asset class. The ATO says…