Financial Standard

ASIC clamps down on advisers, trustees cold calling

KARREN VERGARA  |    12:39PM   Financial advisers, licensees, and superannuation trustees are facing the ire of ASIC after an investigation found they are profiting from boiler room tactics that convince members to switch funds.

FSC launches digital advice group

KARREN VERGARA  |    12:34PM   The Financial Services Council (FSC) continues to expand into financial advice by taking on a digital advice association that flagged its formation one year ago.

Magellan bleeds another $1bn

ANDREW MCKEAN  |    12:41PM   Magellan Financial Group has seen a drop of $1 billion in funds under management (FUM) in April, according to its latest monthly update on the ASX.

Dexus completes $300m raising

ELIZA BAVIN  |    12:16PM   The real estate manager said it is on track to raise $1 billion in equity.

Aussies underestimate life insurance's importance: Investment Trends

ANDREW MCKEAN   There is a gap in perception among Australians of life insurance as a crucial component of financial stability, according to an Investment Trends Consumer Insurance Needs report.

UniSuper selects new group insurer

JAMIE WILLIAMSON   After more than a decade in business, UniSuper has dropped TAL as its group insurer.

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).

intelliflo adds SMSF cashflow modelling capabilities

JAMIE WILLIAMSON   Advisers using intelliflo now have access to cashflow modelling tools for SMSF clients.

South Australia recognised as 'economic leader'

ANDREW MCKEAN   South Australia leads in economic performance across all Australian states and territories, according to the CommSec State of the States quarterly report.

Australia's budget position ranks second among G20 nations

ANDREW MCKEAN   Australia's budget balance as a share of gross domestic product (GDP) was second among G20 nations last year, improving from 14th in 2021, according to the International Monetary Fund (IMF).

ASIC prevails in landmark case against BPS Financial

ANDREW MCKEAN   ASIC has won a case against BPS Financial, following a Federal Court ruling that found the latter guilty of offering 'Qoin Wallet,' a non-cash payment facility that used the 'Qoin' cryptocurrency token, without an Australian Financial Services Licence (AFSL).

ASIC issues warning over scammers using fake AFSLs

ELIZA BAVIN   The financial regulator said scammers are becoming more sophisticated.

HESTA names chief financial officer

ELIZABETH FRY  |    12:39PM   With 20 years of experience spanning the finance, healthcare and government sectors, Natalie Kelly was appointed finance chief after serving in an interim capacity since March.

Blue Owl hires from Fidelity for APAC private wealth lead

ELIZA BAVIN  |    12:13PM   The new managing director and head of APAC private wealth will be based in Hong Kong.

Stockspot plots entry into superannuation space

JAMIE WILLIAMSON  |    12:55PM   Stockspot is preparing to launch a superannuation offering that would see members' retirement savings invested exclusively in ETFs.

UniSuper outage continues, no cause identified

JAMIE WILLIAMSON  |    12:48PM   The super fund plans to begin restoring services later this week, though chief executive Peter Chun has told members the root cause of the outage remains unknown.

OpenMarkets brings on corporate advisory firm

JAMIE WILLIAMSON   The fintech signed a strategic agreement that will see boutique advisory firm Rawson Lewis join its ranks.

Institutional investors eye increased exposure to Vietnam

ANDREW MCKEAN   Most pension fund managers and institutional investors plan to increase their exposure to Vietnam over the next three years, according to research from Dragon Capital.

Succession planning troubles family offices: J.P. Morgan

KARREN VERGARA   Global family offices remain deeply concerned about how to prepare the next generation to inherit a vast fortune as almost 30% do not have a structured approach to help them, a new study from J.P. Morgan reveals.

Wholesale investor tests up for parliamentary review

KARREN VERGARA   The federal government wants to shake up the wholesale investor tests further in launching a parliamentary inquiry into the entire framework, worrying many fund managers operating in the high-net-worth space.