Financial Standard

Better Advice Bill gets green light

KARREN VERGARA   The landmark Better Advice Bill, which introduces a new disciplinary body, passed the senate overnight.

Advisers closer to professionalisation: FASEA

KARREN VERGARA   The Financial Adviser Standards and Ethics Authority said the advice industry is closer to reaching the professional status it is striving to achieve.

Macquarie AM acquires alternative investment group

ELIZABETH MCARTHUR   Macquarie Asset Management has acquired an independent investment advisory firm delivering private client access to institutional hedge fund, private equity, real estate, and funds-of-funds.

Pinnacle backs investment platform

ELIZABETH MCARTHUR   Pinnacle Investment Management has made a $3 million cornerstone investment in OpenInvest.

MLC Life wins group mandate

JAMIE WILLIAMSON   MLC Life has been handed a new group insurance mandate from a retail superannuation provider.

Christian Super enhances insurance offering

JAMIE WILLIAMSON   Christian Super is reducing insurance premiums for most of its members, saying the offering now better aligns with what is available at other super funds.

CountPlus to acquire Challenger SMSF business

ANNABELLE DICKSON   The ASX-listed advice and accounting group is expanding its SMSF offering after finalising terms to acquire Accurium from Challenger.

SMSFs welcome RIC exemption

KARREN VERGARA   The federal government sparing self-managed superannuation funds from the looming Retirement Income Covenant legislation has been welcomed by the sector.

Tasmania remains best performing state: CommSec

ANNABELLE DICKSON  |    11:58AM   Tasmania has retained its status for the seventh consecutive quarter of having the best-performing economy in Australia, CommSec research shows.

Economic recap: Week to October 22

BENJAMIN ONG  |    10:43AM   Weekly review of significant economic data, government and central bank action and pronouncements, and other market moving events.

ASIC sues former Freedom Insurance staff

KARREN VERGARA  |    12:16PM   A former Freedom Insurance director and consultant will head to Federal Court for their alleged involvement in aggressive sales tactics.

Fed to ban policymakers stock, bond trading

JAMIE WILLIAMSON   The Federal Reserve is restricting the investing activities of policymakers and senior staff, including banning them from holding or trading individual stocks and bonds.

Law firm adds financial services partner

JAMIE WILLIAMSON  |    12:39PM   Corrs Chambers Westgarth has appointed a new partner in financial services regulatory specialist Steven Rice.

Two senior leaders exit Iress

KARREN VERGARA  |    12:29PM   The chief commercial officer and head of communications and marketing officer at Iress have announced their resignations.

Government-run super would leave members worse off: ISA

KARREN VERGARA  |    12:24PM   New modelling from Industry Super Australia finds that the establishment of a government-run fund would see a member $126,000 worse off at retirement.

HESTA pushes for net zero legislation

KARREN VERGARA   The federal government's refusal to commit to net zero by 2050 will lead to Australia losing a massive amount of green foreign investment, superannuation fund HESTA warned.

BT identifies Panorama outage cause

ELIZABETH MCARTHUR  |    12:33PM   BT has identified the cause of its $147 billion platform being down for a week, with new chief executive Matt Rady making assurances for the future.

Crypto regulation proposed: Bragg

ANNABELLE DICKSON   A Senate committee is proposing a regulatory framework for digital assets and crypto-asset businesses to protect consumers, promote investment in Australia and deliver competition, but the industry has concerns.

Joining the 1% around the world: Analysis

ELIZABETH MCARTHUR  |    12:13PM   New analysis reveals that Australians would have to work 66 years and five months to join the country's wealthiest 1%, while Chinese workers would need more than 101 years in the workforce to join China's 1%.

Family offices back Regal resources fund

ELIZABETH MCARTHUR   A small group of family offices have backed a new long/short resources fund from Regal Funds Management to the tune of $90 million.