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FCA reviews regulation of foreign financial services firms

KARREN VERGARA  |  FRIDAY, 25 SEP 2020
The Financial Conduct Authority is reassessing how it should authorise and supervise foreign firms providing financial services in the UK as the Brexit transition period ends. The FCA announced it launched the consultation process in anticipating an ...

Male-pack mentality holds back boards

KARREN VERGARA  |  WEDNESDAY, 23 SEP 2020
Having more women on boards has the potential to positively influence companies' corporate social responsibility initiatives and governance. This is based on research from the University of South Australia, which looked at a sample of large ASX-listed ...

Chief economist update: RBA negative on negative interest rate policy

BENJAMIN ONG  |  WEDNESDAY, 23 SEP 2020
... told a video conference hosted by the Peterson Institute for International Economics last May that: "The committee's view on negative rates has not changed...This is not something we're looking at." Although considered an option, the minutes ...

Government increases fees for foreign investment

ANNABELLE DICKSON  |  MONDAY, 21 SEP 2020
Treasury has announced another tranche of reforms to the Foreign Investment Review (FIRB) Framework. The latest reforms amend the fee framework, increasing fees for foreign investment applications for commercial businesses, agricultural land and residential ...

End of Super Complaints Tribunal nears

ELIZABETH MCARTHUR  |  MONDAY, 21 SEP 2020
The Superannuation Complaints Tribunal (SCT) will cease to exist at the end of this year, with the Australian Financial Complaints Tribunal (AFCA) seeking to handle any remaining complaints currently with the SCT. AFCA has opened consultation on changing ...

Industry, APRA mull super merger costs

JAMIE WILLIAMSON  |  THURSDAY, 17 SEP 2020
... currently operational, Nance said half are less than $1 billion in size and a further 60 are less than $10 billion. "Our view is that over the next three to five years, we will get down to 30-50 super funds; five to 10 in the mega range, 20-30 in the ...

Aware Super joins forces with Dutch pension fund

ALLY SELBY  |  THURSDAY, 17 SEP 2020
... Super teams and are much looking forward to jointly continue the City ID journey," he said. "We share a common long-term view and passion to create a fantastic and distinctive aparthotel platform focused around the experience of the guest." The company ...

Super fund gets ahead of CIPR obscurity

KARREN VERGARA  |  TUESDAY, 15 SEP 2020
... down on its Comprehensive Income Retirement Products (CIPRs) proposal. RetireSmart was constructed to be flexible with the view that it will eventually be CIPR-compliant, he said, but pointed out that the super fund could be waiting two more years if ...

Financial services laws under review

JAMIE WILLIAMSON  |  TUESDAY, 15 SEP 2020
... the Royal Commission, the Australian Law Reform Commission has been tasked with reviewing financial services laws with a view to simplify laws regulating the industry. As part of its response to the Royal Commission final report, the government has asked ...

Former analyst gets three year sentence

KANIKA SOOD  |  MONDAY, 14 SEP 2020
... "Maple-Brown Abbott seeks to uphold very high standards which are reflected in its Code of Ethics, and takes an extremely serious view of any breach of those standards. "As soon as we were aware that Mr Ho had breached those standards, his employment ...