Financial Standard

Stay up to date with regulatory compliance at the FAAA Congress

MATTHEW WAI  |    11:57AM   The upcoming Financial Advice Association Australia (FAAA) Congress will explore ASIC's key focus for the remainder of the year, while shedding some light on the ongoing developments from the Australian Financial Complaints Authority (AFCA) and the Compensation Scheme as Last Resort (CSLR).

MDS drags Treasury to assess FSC levy proposal

RIDDHIMA TALWANI   My Dealer Services (MDS) has called on Treasury to assess the Financial Services Council's (FSC) latest proposal to lift levies paid by licensees to ASIC, which it describes as an "attack" on small licensees.

Sodor Capital plots New Zealand expansion with new hire

MATTHEW WAI  |    11:59AM   Australian fund distributor Sodor Capital has appointed an executive to lead its New Zealand expansion, while opening a new office in Singapore.

Macquarie Asset Management launches 10th ETF

KARREN VERGARA  |    9:31AM   Macquarie Asset Management (MAM) has launched a low-cost, actively managed fixed income ETF that charges a management fee of 0.09% per annum, making it the 10th strategy in its stable.

Australian life insurers lag global peers: Capgemini

MATTHEW WAI   A new survey from Capgemini found that Australian life insurers are stowed behind the global average when it comes to member engagement and educational efforts.

AIA Australia rolls out TPD CORE

KARREN VERGARA   AIA Australia has launched TPD CORE, a new retail product that charges lower premiums and provides clearer claim assessment criteria for total and permanent disability (TPD).

ART leads retirement product race, others wrestle with covenant

KARREN VERGARA   Superannuation funds continue to grapple with their Retirement Income Covenant obligations, underscored by Australian Retirement Trust (ART) being the only fund from a sample that has successfully brought two products to market.

Russell launches retirement solution

VINNY VUCAGO   Russell Investments has launched retirement solutions comprising two managed portfolios and a retirement calculator, aimed at helping advisers manage the competing liquidity and growth needs of Australians entering retirement.

Fed's rate hike exacerbates Australia's outlook

MATTHEW WAI  |    11:53AM   The Federal Reserve has lifted its interest rate for the first time in more than three years, contributing to the ongoing adversity the global economy is facing, especially in Australia.

ECB hikes rates, economists expect RBA might be next

RIDDHIMA TALWANI   The European Central Bank (ECB) has raised the interest rates on the deposit facility by 25 basis points to 2.5%, in a bid to stabilise inflation at its 2% target in the medium term, as conflicts in the Middle East continue to generate inflation pressures.

ASIC extends wholesale markets pact with FMSB

VINNY VUCAGO  |    12:03PM   ASIC has extended its cooperation with the Financial Markets Standards Board (FMSB) for another three years, continuing a partnership focused on the development of global standards for fair and effective wholesale financing markets.

Australian Fiduciaries auditor suspended for three years

RIDDHIMA TALWANI   Queensland-based Australian Fiduciaries' auditor Cameron Bradley, formerly a partner of PKF Brisbane Audit, has been suspended for three years by the Companies Auditors Disciplinary Board (CADB) until 30 June 2028.

The SILC Group names head of trustee

MICHELLE BALTAZAR  |    2:04PM   The SILC Group has appointed fund governance executive Kylie Holbrook in the newly created role of head of trustee and responsible entity solutions.

Morningstar names APAC investment chief

RIDDHIMA TALWANI  |    11:52AM   Morningstar has named James Foot as the chief investment officer for the Asia Pacific (APAC) region, taking over from Matt Wacher after he finished up in the role in May.

Taxpayers to foot Age Pension if super turned into ATM: SMC

RIDDHIMA TALWANI  |    12:07PM   New modelling by the Super Members Council (SMC) has shown One Nation's superannuation policy could leave taxpayers on the hook to pay up to double the amount taken out.

Super turns a safety-net retirement into a comfortable one: ASFA

RIDDHIMA TALWANI   A comfortable retirement for a couple who own their own home now costs $1513 a week, according to the latest Association of Superannuation Funds of Australia (ASFA) Retirement Standard, which found that super remains key to comfortable retirement.

AI moves into the advice process

VINNY VUCAGO  |    12:22PM   Financial advisers could soon spend less time piecing together clients' histories and more time acting on them, as Marloo launches an artificial intelligence (AI) tool that searches entire client books alongside new research showing consumers are increasingly willing to let AI help make financial decisions.

Asset managers turn to outsourcing, AI: Survey

VINNY VUCAGO   Global asset managers are sharpening their focus on core capabilities, increasing their use of outsourcing and tightening cost controls as they pursue more disciplined growth, according to a new Northern Trust survey.

Mining, property fuel Aussie billionaires' wealth

KARREN VERGARA   Australian billionaires' riches are highly concentrated in mining, financial services, technology and property, accounting for 0.7% of the total US$15.1 trillion in global wealth studied by the 2026 Billionaire Census.

HNWIs demand outperforming, mission-driven endowment funds

KARREN VERGARA   High-net-worth investors' (HNWIs) increasing demand for philanthropy vehicles with robust governance, a clear mission and can outperform in equal measure is helping fuel the rise of endowment funds such as the Aspect Impact Fund.