Editor's Choice
The top investment funds over the past year
The top-performing investment funds for the year ending March 31 have been announced, with all being ETFs focused on international equities.
AFCA finds more Dixon Advisory victims
The Australian Financial Complaints Authority added 544 more Dixon Advisory-specific victims to total 2492 complaints at the end of April, which will further exacerbate the levy financial advisers must pay.
Senior Cbus investment manager exits
Cbus' head of total portfolio management has left the fund, while a former JANA executive has joined its infrastructure team.
Quality of retirement does not depend on super balance: Bragg
The Senate Economics Committee has released its interim report into using super for housing.
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Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
S&P commented: "to enforce a legal duty against a party like S&P, which has no relationship with investors who use rating opinions, yet impose no responsibility on those investors to conduct their own due diligence."
This says it all about how ratings agencies in general think - they have 'no relationship with investors who use rating opinions'. Why do they think investors use their rating opinion? Because investors and financial planners trust that these organisations which hold themselves out to be holier than thou, say they have the expertise and experience to rate product properly, and have access to far more inside information than any investor or financial planner can ever get their hands on.
So S&P are only in it to take money off product suppliers who use them to confirm their product is clean and good to invest in.
If S&P think this way and don't want to be held to the high standard the ratings profession has set, simple, close up shop and do not offer a ratings service. It is about time ratings agencies where held to account for false and misleading ratings.
Do that and their job is done and the investor and planners can have faith in what they were rating. Knowing that bad products will not be miss rated. That's how the market should work.