Grandfathered commissions gone

The bill ending grandfathered conflicted remuneration was finally passed into law this week, with the new measures to take effect from 1 January 2021. The new law enables regulations to provide for…

KKR upsizes credit fund issue

Demand for credit funds has been strong this year, as retail investors chase higher yields. The latest fund to come to the market, the KKR Credit Income Fund, has increased its issue…

People: Frazis drafts Deloitte partner to help fix BOQ

Bank of Queensland has appointed Ewen Stafford as its chief financial officer (CFO) and chief operating officer. Stafford joins from Deloitte where is a partner in the banking and capital markets sector.…

Failing to pass on the full rate cut needn’t mean banks are profiteering

The unwillingness of the major (and other) banks to immediately cut their headline mortgage rates by as much as the Reserve Bank cuts its cash rate always attracts bad press, as well…

Grameen to launch local microfinance program

Grameen Australia, the local branch of the microfinance institution that started in Bangladesh in the 1970s, is preparing to launch its first microfinance project in this country. Grameen has been in Australia…

Australians no longer loyal to banks

The non-major banks are enjoying their highest share of new mortgage lending in 12 years, providing further evidence that more customers are comfortable switching financial products. Australian Finance Group’s (AFG) latest quarterly…

Today’s Best Videos 

Concern that mortgage broker best interest exclusions ‘will not have the intended effect’

Wording in the draft mortgage broker best interest bill intended to limit the effect of the new law to mortgage brokers and mortgage intermediaries “will not have the intended effect” according to a leading industry commentator, and needs to be…

Freedom Insurance a shell

Freedom Insurance Group released its 2018/19 financial report last week, revealing that as of early August it had no employees. The board, led by Pauline Vamos, is winding down the company and says it is assessing possible options to maximise…

People: Bowerman to chair SMSF Association

The SMSF Association has appointed Robin Bowerman as chair. He is head of corporate affairs at Vanguard Investments, has held the position of SMSFA vice chair for three years and has been a member of the board since 2011. He takes…

Late cycle strategy: income from infrastructure

The US Federal Reserve’s latest 25 basis points rate reduction in mid-September is seen by many market observers as another signal that world markets are in, or are fast approaching, a late cycle. US-China trade tensions, Brexit, Hong Kong protests…

Investor expectations ‘not in line with reality’

Australian investors are out of touch with their expectations for investment returns according to the latest Schroders Global Investment Study. Australian investors expect an annual return of 10.9 per cent a year over the next five years despite the low…

YBR sells wealth business

Yellow Brick Road is continuing to rationalise its activities, with the sale of Brightday, a direct-to-consumer online wealth and superannuation business. The buyer is Pearl Funds Management. YBR said in a statement that the price was confidential, although it was…

Testamentary trust tax rules tightened

The tax treatment of testamentary trusts is being tightened, to ensure that minors who are trust beneficiaries do not receive tax concessions they are not entitled to. Last week, the Government introduced draft legislation for consultation. Generally, tax law imposes…