Financial Standard

CSLR makes inaugural payments

KARREN VERGARA   The Compensation Scheme of Last Resort (CSLR) made its first payments to four victims totalling more than $360,000, three of which related to bad financial advice.

Advisers shoulder massive wealth transfer

KARREN VERGARA   Financial advisers shoulder much of the responsibility in helping facilitate the massive intergenerational wealth transfer that has blown out to nearly $5 trillion, according to new estimates, as recipients are largely financial illiterate and ill-prepared in managing their inheritance.

BlackRock to launch new ETF

ELIZA BAVIN   BlackRock Australia announced it will launch a new emerging markets ex China ETF later this month.

Macquarie AM bags top manager gong

KARREN VERGARA   Macquarie Asset Management has taken out the top prize at this year's Investment Leadership Awards.

MIESF adjusts insurance premiums

ANDREW MCKEAN   Meat Industry Employees' Superannuation Fund (MIESF) will increase total and permanent disability (TPD) insurance premiums by 5.4%, effective July 1.

ClearView closes ClearChoice Super Rollover, launches trauma options

KARREN VERGARA   ClearView has made changes to its ClearChoice product series, including the launch of trauma options, and is closing its ClearChoice Super Rollover product.

SMSFs' use of advisers plummets: Research

ANDREW MCKEAN   The number of self-managed super funds (SMSFs) using advisers has reached a new low, with the proportion of SMSFs using advisers falling to 23% from 27% in the past 12 months, according to a Vanguard/Investment Trends report.

Proposed super tax obfuscates legacy pensions rules: SMSFA

KARREN VERGARA   The proposed 30% tax on large superannuation balances must clarify the confusion surrounding legacy pensions and reserves, and how they should be calculated, according to the SMSF Association (SMSFA).

ECB drops interest rates to 3.75%

KARREN VERGARA   The European Central Bank (ECB) cut interest rates by 0.25% to 3.75% - the first decrease in five years.

Recession signs: Economic growth has 'ground to a halt'

ELIZA BAVIN   Australia is still in the throes of a per capita recession. So, what will the RBA do?

Australian Unity lashed by ASIC over TMD questionnaire

JAMIE WILLIAMSON   Australian Unity Funds Management has been told to stop offering its Select Income Fund, with ASIC saying retail clients are unlikely to understand the questionnaire used to determine whether they would be in the target market.

ASIC cancels AFSL of XTrade

ELIZA BAVIN   The regulator slammed the derivatives issuer for preying on vulnerable clients, resulting in significant losses.

IFM makes North American appointment

ELIZA BAVIN   IFM Investors has announced a new head of North American client solutions to be based in New York.

NZ Super Fund names acting chief investment officer

ELIZA BAVIN   The acting chief investment officer has worked with the super fund since 2009.

AustralianSuper bears brunt of complaints: AFCA

KARREN VERGARA   AustralianSuper copped the highest number of complaints in the last six months of 2023 totalling 936, which was nearly three times more than other major super funds like Cbus, Australian Retirement Trust (ART), and Aware Super.

GST rebate changes worsens cost of advice: SMSFA

KARREN VERGARA   Abolishing the rebate for the GST component of adviser fees from July 1 can aggravate the cost of financial advice, according to the SMSF Association (SMSFA).

AMP North launches new tool

ANDREW MCKEAN   AMP North has launched a new tool for financial advisers to support client review reports.

NZ Super awards mandate to Northern Trust

ANDREW MCKEAN   NZ Super has awarded a mandate to Northern Trust to use its Data Warehouse Solutions offering.

HNWIs wealth reaches unprecedented levels

ANDREW MCKEAN   The Capgemini Research Institute's World Wealth Report 2024, released today, shows high-net-worth individuals (HNWIs) and their wealth hit unprecedented levels in 2023, driven by a rebound in the global economic outlook.

Geopolitical risks push APAC family office allocations locally

KARREN VERGARA   Geopolitical risks are dictating how family offices in the Asia Pacific invest as more intend to shift asset allocations to their home regions, according to UBS.