Financial Standard

Advisers who failed FASEA exam granted extension

KARREN VERGARA   Senator Jane Hume is allowing candidates who have failed the Financial Adviser Standards and Ethics Authority (FASEA) exam twice to re-sit it in 2022.

CountPlus acquisitions boost revenue by $9.4m

KARREN VERGARA   The 11 financial advice and accounting firms CountPlus has acquired this financial year are anticipated to bring in $9.4 million in revenue.

Lazard advisory unit rebrands

KARREN VERGARA   The financial advisory business of Lazard will officially launch as Lazard Australia on July 1.

Australia among the richest nations

KARREN VERGARA   The nation's wealth gap continues to widen as new research suggests Australia is among the richest in the world, rising up the ranks to record one of the largest gains in wealth in 2020.

CBA offloads general insurance arm

ANNABELLE DICKSON   Commonwealth Bank has announced the sale of CommInsure General Insurance to the Hollard Group after divesting CommInsure Life and BoCommLife.

Cost of group insurance declines

KARREN VERGARA   Despite the spate of superannuation funds increasing the cost of cover, new Rainmaker analysis shows group insurance premiums fell by 7% to a four-year low of $8.7 billion.

UK lender targets SMSFs in Australia

ELIZABETH MCARTHUR   A UK marketplace lender is launching in Australia, targeting wholesale investors and self-managed super funds.

Raiz expands to SMSF market

ANNABELLE DICKSON   The micro-investing platform is targeting SMSFs with its custom portfolio option, giving members more control over their portfolio allocations.

Chief economist update: Thank you, my frenemy

BENJAMIN ONG   Looking at Australia's latest trade stats, one would be forgiven for believing that Beijing and Canberra have kissed and made up.

Chief economist update: Chinese activity indicators disappoint but growth target intact

BENJAMIN ONG   Disappointing. This is the one word that describes the latest batch of activity indicators out of China.

AUSTRAC to face scrutiny

ELIZABETH MCARTHUR   The Australian Transaction Reports and Analysis Centre (AUSTRAC), which has handed out record fines to the big banks, will face new scrutiny from the Senate.

Government to create ASIC, APRA regulator

ANNABELLE DICKSON   The government has passed legislation that will see the establishment of an independent body that will review the effectiveness of both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

Rest hires from AMP

KANIKA SOOD   The industry fund has appointed a general manager of brand and marketing.

Channel Capital adds Cayman director

KANIKA SOOD   The Sydney multi-boutique has appointed a director to its Cayman Islands business.

Pandemic delays retirement plans

KARREN VERGARA   The coronavirus pandemic is forcing over one third of Americans to delay their retirement while a larger cohort are turning to part-time work to supplement their nest egg, a new survey finds.

Cbus invests in NHFIC issues

KANIKA SOOD   Cbus has invested $51 million in two recent funding rounds from the National Housing Finance and Investment Corporation (NHFIC), taking the fund's total allocation to social and affordable housing to about $140 million.

Teachers Mutual launches neobank

ANNABELLE DICKSON   Australia's largest mutual bank has launched a digital bank to meet the needs of essential workers and appointed a chief digital bank officer.

FinClear to acquire BNY subsidiary

KARREN VERGARA   BNY Mellon is offloading its local execution and settlements business to FinClear for an undisclosed amount.

Fisher Investments launches local HNW offering

ELIZABETH MCARTHUR   Fisher Investments will start offering investment management services to high-net-worth private clients via its local subsidiary.

Rich investors not worried about low rates: Citi

KANIKA SOOD   New research from Citi says Australian high-net-worth investors are optimistic despite low interest rates.