Financial Standard

ASIC stalls Sequoia bid to ditch cross guarantee deed

KARREN VERGARA   ASIC is again putting up roadblocks to Sequoia Financial Group's attempt to revoke the deed of cross guarantee with InterPrac Financial Planning, asking more questions and requesting more information before the group rids itself of all liabilities arising from the Shield and First Guardian disaster.

Praemium's new leadership toughens earnings yardstick

RIDDHIMA TALWANI   Praemium's new leadership will be keeping a close eye on costs, with new chief executive Denis Orrock noting he will make sure the technology upgrade underway translates into stronger earnings and better returns for shareholders.

Platinum awards mandate, changes fund name

MATTHEW WAI  |    12:29PM   Platinum Asset Management has awarded a mandate to a US-based investment manager to oversee investment capabilities in a 20-year-old fund, simultaneously altering the name to reflect the update.

ASX turns up heat on Clime Capital following KPMG scrutiny

KARREN VERGARA  |    12:02PM   The ASX has also raised concerns over Clime Capital's valuation of its unlisted assets portfolio and the qualified opinion that was eventually handed down by its auditor KPMG.

TPD claims drive insurance disputes

VINNY VUCAGO   Australia's life insurers continue to accept most claims, but total and permanent disability (TPD) and disability income insurance claims remain the main sources of disputes and delays, according to the latest data from APRA and ASIC.

Genetic testing ban takes effect for life insurance

VINNY VUCAGO   Australians can access genetic testing without risking discrimination in life insurance under a new ban that took effect on October 8, with the Australian Financial Complaints Authority (AFCA) also updating its rules to handle complaints involving adverse genetic test results.

AMP Super launches new app

VINNY VUCAGO   AMP Super has launched a new app aimed at helping members better understand their retirement position, plan for the future and manage income.

AMP, CFS and Vision Super get the Epic Retirement Tick

RIDDHIMA TALWANI   Three super funds, AMP Super, CFS FirstChoice and Vision Super, have joined the line-up of funds that have received the Epic Retirement Tick from Chant West and the Epic Retirement Institute.

Workplace mental ill-health can cost Australia $27bn: Report

RIDDHIMA TALWANI  |    12:30PM   Workplace mental health issues are directly costing the Australian economy $12 billion per annum in lost gross domestic product (GDP), with the cost set to rise by more than 125% over the next 15 years in excess of $27 billion a year.

MSCI proposes taking away Indonesia's EM status

RIDDHIMA TALWANI   MSCI is proposing to reclassify the MSCI Indonesia Indexes from Emerging Market to Standalone Market status.

Corporate, governance issues fuel whistleblower tipoffs: ASIC

KARREN VERGARA  |    12:09PM   The corporate regulator received nearly 2000 tip offs from whistleblowers in the last financial year, a whopping 183% jump annually, the majority of which relate to corporate and governance issues.

Panacea Capital director charged over $4.4m crypto fund

VINNY VUCAGO  |    11:05AM   Panacea Capital director Brian Jacques Creigh has been charged with criminal offences relating to an unlicensed cryptocurrency investment fund, including dealing with proceeds of crime worth $1 million or more.

Tribeca Financial promote four new equity partners

VINNY VUCAGO  |    11:02AM   Tribeca Financial has promoted four senior advisers to its equity partnership, recognising their contributions to the advice firm's client relationships, technical capabilities and culture as it continues to grow.

AFSL specialist snags Entireti head of advice risk

MATTHEW WAI  |    10:48AM   Self-licensing firm My Dealer Services (MDS) has welcomed a senior risk and compliance director, as it continues to expand self-licencing initiatives while restructuring roles within the business.

CareSuper rejigs beneficiary nominations, investment options

KARREN VERGARA   CareSuper has introduced several changes to its investment options and beneficiary nominations.

Brighter Super expands indexed investment suite

MATTHEW WAI   Brighter Super has launched two new low-cost indexed share options, expanding its investment menus to meet adviser demand.

Advice firms lacking AI integration: Iress

VINNY VUCAGO   Artificial intelligence (AI) is delivering productivity gains across financial advice, but only 7% of practices have embedded the technology across most of their workflows, research from Iress has found.

Finura brings AI engineering in house with merger

MATTHEW WAI   Finura Group has merged with a software engineering business to bring artificial intelligence agent technology and sovereign cloud services in house.

Australia's family offices surpass $323bn in assets

RIDDHIMA TALWANI   Family offices in Australia have surpassed $323 billion in assets, according to data from Rainmaker Information.

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.