Financial Standard

ASIC bans advisers for dodgy Shield Master Fund advice

KARREN VERGARA   Two former MWL Financial Services financial advisers who invested clients' superannuation in the Shield Master Fund have copped bans from the regulator.

Findex partners with brokerage firm to deliver 'best-in-class' service

MATTHEW WAI   Findex is entering a joint venture with Ortus Financial to bolster its expertise and breadth of its service.

Praemium scores mandate, sees FUA rise $6bn

ELIZA BAVIN   Praemium has been awarded a new administration mandate which it said would boost its funds under management by $6 billion.

Platinum, L1 merger to help fight 'organic business decline'

ELIZA BAVIN   New analysis from Morningstar says Platinum's prospective merger with L1 may help "arrest" the business' organic business decline.

Mental illness payouts balloon over $2.2bn: CALI

MATTHEW WAI   More Australians are leaving work permanently due to mental ill health than ever before with insurers paying out over $2.2 billion in mental health claims last year, according to new data from the Council of Australian Life Insurers (CALI).

AMP actions impacted 'hundreds of thousands' of customers: Shine

ELIZA BAVIN   Shine Lawyers, who filed a class action against AMP this week, said hundreds of thousands of customers have been impacted.

SMSFs' risk appetite to change under Division 296: Wilson

MATTHEW WAI   The controversial superannuation tax will likely see an exodus of SMSF capital from emerging companies as they look to avoid growth companies, a discussion paper says.

New SMSF trustees drive financial advice uptake

ANDREW MCKEAN   Trustees of newly established self-managed super funds (SMSFs) are behind a surge in the uptake of financial advice, according to a Vanguard/Investment Trends SMSF report.

Chalmers unveils reforms to enhance RBA transparency

ELIZA BAVIN   Chalmers has announced reforms aimed at strengthening the transparency and independence of the RBA, in the wake of the central bank's surprise interest rate decision.

RBA delivers 'confounding' rates decision

ELIZA BAVIN   The Reserve Bank of Australia (RBA) kept interest rates on hold at the July meeting.

Funeral insurer fined $4.75m

MATTHEW WAI   ACBF Funeral Plans has been ordered by the Federal Court to pay an additional $3.5 million penalty for misrepresenting that it was Aboriginal owned or managed when it was not.

James Mawhinney contravened law: Federal Court

KARREN VERGARA   In a win for ASIC, Mayfair 101 Group director James Mawhinney has been associated with or involved in contraventions of the law by his companies, the Federal Court determined.

BNP Paribas names two new global heads

ELIZA BAVIN   Following BNP Paribas' acquisition of AXA Investment Managers, the group has named two new global heads for the combined alternatives business.

Ascalon continues to build its team

ELIZABETH FRY   Ascalon Capital has appointed a head of business development and business solutions lead, hiring from Zenith and Lonsec respectively.

UniSuper delivers 10.3% to members

ELIZA BAVIN   UniSuper's balanced option has seen members get double-digit returns for the year to June 30.

TelstraSuper Balanced option makes 9.3%

KARREN VERGARA   TelstraSuper's Balanced option reported 9.3% p.a. for the last financial year, lagging the median of 10.1% p.a.

AustralianSuper readies tech stack for Payday Super

JAMIE WILLIAMSON   Following a successful pilot program with Rest, Wrkr and MUFG Retirement Solutions will now work on a Payday Super solution for AustralianSuper.

Microsoft flips AI switch on for MUFG

MATTHEW WAI   MUFG Pension and Market Services (MPMS) has collaborated with Microsoft to adopt AI-powered solutions across its MUFG Retirement Solutions and MUFG Corporate Markets business divisions.

Geopolitical risks force family offices into alternatives, cash: Survey

KARREN VERGARA   Geopolitical uncertainties are forcing family offices out of US equities, diversifying into cash and liquid alternatives, according to BlackRock's annual Global Family Office Survey.

Labor proposes changes to ancillary funds

KARREN VERGARA   Labor is proposing several reforms to giving or ancillary funds that include increasing the annual distribution rate and smoothing out minimal distributions over three years.