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Final report into Life Code makes 85 recommendations
|The final report of an independent review of the Life Insurance Code of Practice has been finalised, proposing some 85 recommendations across aspects of mental health, customers vulnerability, claims handling, and sales practices.
Treasury looks to reform regulation on consulting firms
|Treasury has released an options paper to improve the regulation of accounting, consulting and auditing firms after the blowout from KPMG's whistleblower probe that found it used confidential client data in the pursuit of more tenders.
Bell Potter launches private wealth platform
|Bell Financial Group (BFG) has launched Bell Potter Private Wealth (BPPW), a new platform that helps service its 300,000 clients with $92.1 billion in funds under advice.
Esencia seals third merger
|Esencia Wealth has continued its national expansion strategy, merging with New South Wales-based Cove Financial Group in a deal that brings around 650 clients and four financial advisers into the business.
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Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
With respect, the changing of the goal posts with regards to super discourages people from using it as their retirement savings.
Those with large balances did so under the rules at the time. And when they die, a tax of up to 15% of that death benefit may be taxed when it passes to the next generation.
Adjustments to the system were made in 2017, which makes it unlikely that superannuants will have large balances in the future.
So the changes have been made to address these "concerns", however the respective think tanks and policy makers and commentators just need to wait for the members to die.
Div 296 will be the catalyst for members to transfer their wealth to the next generation, thereby either reducing or eliminating the death tax being paid in the future.