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Colchester launches first two ETFs in Australia
|Colchester Global Investors has handed a mandate to Equity Trustees for two new ETFs, making it's first offerings in Australia.
Local advice sector an attractive opportunity for global PE firms
|Local experts are observing a growing investment opportunity in Australian advice platforms that may not be as apparent for global investors, but since the sector is currently at its "infancy", many can capitalise on buying low and selling high.
FSC calls for tougher oversight of advice licensees
|The Financial Services Council (FSC) has called for a significant overhaul of ASIC's supervisions of financial advice licensees, arguing stronger regulatory oversight is needed to better protect consumers following recent industry failures.
State Street launches first active ETFs in Australia
|State Street Investment Management has launched two actively managed exchange-traded funds (ETFs) in an extension of its partnership with Blackstone Credit and Insurance.
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Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
If they are non-compliant they should be issued with some kind of infraction notice. Give them two chances then if it happens again, ban them from having their own SMSF for life.
What an appalling article. The headline that 75,000 funds being non-compliant is a complete misstatement of the facts. I was at the the ICAA conference and in no way did Stuart Forsyth state that 15% of funds are non compliant.
He indicated that that 85% to 95% are responsible and act within the law. The 5% to 15% that do not act responsibly include in the main minor administrative breaches. He further indicated that approximately 2% of funds receive audit contravention reports from their independent auditors. It is the auditors role to issue the ACRs (not the ATO as written in the article) and the vast majority of the breaches are recified.
The ATO issues very few non-compliance notices but when they do it is a result that the trustees have had no regard to the law and deserve to be penalised.