Financial Standard

Court approves $16m DASS settlement

KARREN VERGARA  |    12:35PM   The Federal Court has approved the settlement reached in the $16 million class action brought against Dixon Advisory & Superannuation Services (DASS) following a two-week delay.

Adviser numbers plateau

JAMIE WILLIAMSON   The number of financial advisers in Australia appears to be stabilising at 15,602, as Count and AMP Financial Planning continue to hold the lion's share.

Perennial launches new investment fund

ELIZA BAVIN  |    12:13PM   The new private company investment fund is open to wholesale investors.

UniSuper invests $623m in Macquarie green fund

ELIZA BAVIN  |    12:04PM   The super fund said it has committed up to US$400 million to the Macquarie Green Energy and Climate Opportunities Fund.

UniSuper selects new group insurer

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

Life insurers struggle with code compliance

KARREN VERGARA   Life insurers continue to breach their own compliance code with more than 12,000 instances recorded, yet the body overseeing their conduct fears this is likely under-reported.

intelliflo adds SMSF cashflow modelling capabilities

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

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA   Financial advisers must be mindful of the "legal uncertainty" that exists when applying the appropriate wholesale test on self-managed super funds (SMSF), according to the Australian Financial Complaints Authority (AFCA).

Australia's budget position ranks second among G20 nations

ANDREW MCKEAN  |    12:40PM   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).

Top 10% of households home to 15 times more wealth

JAMIE WILLIAMSON  |    12:30PM   The average household wealth of Australia's richest 10% increased by 84% in the past 20 years, while that of the lowest 60% increased significantly less.

Adam Blumenthal ordered to pay $850k

ELIZA BAVIN   Blumenthal is also banned from managing corporations for five years.

Blockchain mining companies sued by ASIC

ANDREW MCKEAN   ASIC has taken legal action against three blockchain mining companies - NGS Crypto, NGS Digital, and NGS Group - along with their sole directors Brett Mendham, Ryan Brown and Mark Ten Caten.

TCorp promotes three to lead roles

ELIZABETH FRY  |    12:39PM   TCorp, the NSW government's investment and financial management arm, has strengthened its client relationship team with three important promotions.

T. Rowe Price appoints local operations chief

ELIZABETH FRY  |    12:31PM   T. Rowe Price, the global asset manager with over US$1.3 trillion in assets under management, has appointed a regional operating chief who will relocate to Sydney from the London office.

Vanguard backs current performance test

ANDREW MCKEAN  |    12:38PM   Vanguard has endorsed the current performance test methodology in a submission to Treasury, championing its effectiveness in eliminating underperforming investment options and improving member outcomes.

Spaceship Super to land somewhere new

JAMIE WILLIAMSON   Seven years on from its launch, Spaceship Super is being merged into a larger offering.

The Aussie wealthtech firms that are 'most innovative'

ANDREW MCKEAN   The annual list of the world's most innovative wealthtech companies was recently released, with several Australian firms making the cut.

GBST develops private equity platform

ANDREW MCKEAN   Wealth management software business GBST has collaborated with Luna Partners to create a technology platform that connects investors and managers to the wholesale private equity market.

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.

ACNC tightens screws on NFPs with complex corporate structures

JAMIE WILLIAMSON   The Australian Charities and Not-for-profits Commission (ACNC) announced it will focus on the misuse of complex corporate structures this year.