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…

Payments companies target banking licences

Payment processing and identity verification specialist iSignthis (ISX) expects to be operating as an authorised deposit-taking institution as early as the June quarter, when it also expects to be operating an exchange…

People: Wikramanayake puts her stamp on Macquarie management

Macquarie Group has announced three changes to its management team. David Fass has been appointed head of Macquarie Infrastructure and Real Assets, Americas. Paul Plewman will replace David Fass as regional chief…

Investors need to take more responsibility

The Financial Services Royal Commission has delivered its final report. It’s now the responsibility of our federal parliamentarians to convert its recommendations into effective legislation that gives Australians far more protection from…

Financial services legislation stuck in the logjam

Several bills with impact for the financial service industry are up for debate in the House of Representatives and the Senate over the next couple of weeks. Whether they will get to…

Households prepare for a slowdown

Australians are saving more as they take a more conservative approach to their household finances. Households have reduced their dependence on credit and have instead focused on increasing their short-term savings, according…

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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…

A lean year ahead for IPOs

The pipeline is soft for IPOs on the Australian Securities Exchange after a slow end to 2018. There are only 17 upcoming floats this year, down on the 37 that had applied to the ASX at the same time last…

People: Former SMSFA boss jumps into the fire at AMP

AMP has appointed Andrea Slattery as a non-executive director. Slattery has 26 years of experience in financial services and is currently a non-executive director at Clean Energy Finance Corporation, Argo Global Listed Infrastructure and the South Australia Cricket Association. She…

It’s over between us, NAB

It was no surprise that the media zeroed in on NAB chair Ken Henry and chief executive Andrew Thorburn when the Financial Services Royal Commission final report was handed down on Monday. Although none of the Big Four or the…

What Hayne’s vision means for the future of financial services

Post-Hayne, the long-term future of the financial services industry looks more professional, more independent and more strictly regulated, with more power in the hands consumers. If the Royal Commission’s recommendations are implemented, the industry will have to adjust to tougher…

CBA planning arm sanctioned over remediation concerns

Commonwealth Financial Planning Ltd has been ordered to stop charging or receiving ongoing service fees from its customers. It may not enter into any new ongoing service arrangements with customers. The Australian Securities and Investments Commission made the order under…

Finance broker moves into product manufacturing

Finance broker Consolidated Operations Group has announced plans to create an “in-house financial product portfolio” supported by a securitisation program. The company has re-jigged management and board roles to deliver the new strategy. Andrew Bennett, who joined the company in…