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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Asian REIT outlook positive

We see significant potential for real estate investment trusts across the Asia Pacific. Listings have already grown strongly over this decade, with the total number of listed REITs in the region growing from 50 to 792 and the market capitalisation…

People: Rice calls time

Michael Rice has stepped down as chief executive of Rice Warner after building the firm and leading it for over 30 years. He will continue working on key clients and public policy initiatives. Rice remains as an executive and board…

Lender mismanages its own borrowings

Small business lender Axsesstoday has gone into voluntary administration after senior lenders told the company they were not prepared to support it with ongoing waivers of breaches of loan terms. The company announced that it had appointed Deloitte Financial Advisory…

Planning for consumer data rights goes ahead

The Australian Competition and Consumer Commission will push ahead with its planned Open Banking trial, despite the fact that the bill setting out consumer data rights has lapsed. The government introduced Treasury Laws Amendment (Consumer Data Right) Bill 2019 in…

Super contribution rules relaxed for older Australians

The main piece of superannuation news revealed on Budget day was actually announced by the Treasurer before the Budget speech. It included three measures to help older Australian contribute more to their super – relaxing the contribution work test, increasing…

How the personal income tax cuts will work

Nearly all taxpayers will pay no more than 30 cents in the dollar, under a Government plan to widen the tax bracket for middle-income earners. From 1 July 2024, the tax bracket will expand to include those earning between $45,000…

Managed accounts market grows strongly

More financial planners are using managed accounts in their practices and they are putting more of their clients’ funds into them. Investments Trends reports that 35 per cent of planners used managed accounts last year, up from 30 per cent…