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…

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VanEck transitions out of CDIs

VanEck Investments is reorganising three of its exchange traded funds, replacing the current CHESS depository interests structure with new feeder funds. The three US funds are cross-listed on the ASX: VanEck Vectors China AMC CSI 300 ETF; VanEck Vectors Gold…

Count Financial back in the CountPlus fold

Commonwealth Bank has completed the sale of advisory business Count Financial to CountPlus, marking a milestone in the bank’s withdrawal from its aligned advice businesses. CountPlus is paying $2.5 million for the business, which it sold to CBA for $370…

People: Don Russell to chair AustralianSuper

Australia’s largest superannuation fund AustralianSuper has appointed Don Russell as the independent chair of the $170 billion fund. He succeeds Heather Ridout, who has served as chair since 2013 and as a director since 2007. Russell has extensive experience in…

Super guarantee debate goes another round

The debate about whether compulsory employer superannuation contributions should be increased from the current level of 9.5 per cent is constantly simmering, waiting for the next opportunity to boil over. Treasurer Josh Frydenberg turned up the flame last week, when…

Better policy choices needed to improve housing affordability

Australians struggling to get into the housing market are calling for government policy changes, according to CoreLogic’s Perceptions of Housing Affordability 2019. CoreLogic research director Asia Pacific, Tim Lawless, says: “There is a need for long-term strategies to assist housing…

Diversification needs fresh thinking

The current low-rate environment requires more risk-taking to generate returns. At the same time classic diversification, such as balancing equity and bond holdings, is not efficient, says fund manager Gilbert Keskin. Keskin is the head of Convexity Solutions at French…

SMEs looking for guidance

Small and medium businesses are turning to advisers more often for guidance in running their businesses, opening up an opportunity for financial planners and accountants. A quarter of SME respondents to Scottish Pacific SME Growth Index (24.2 percent) say they…