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Showing 1001 - 1010 of 6846 results for "PRA"

CFS settles super fees class action

JAMIE WILLIAMSON  |  FRIDAY, 14 JUL 2023
Colonial First State will pay $100 million to settle a class action over fees that were illegally charged to members to pay commissions to financial advisers. The action related to members of CFS FirstChoice and conduct carried out between July 2013 ...

ACCC publishes draft guidance on greenwashing

RACHEL ALEMBAKIS  |  FRIDAY, 14 JUL 2023
The Australian Competition and Consumer Commission (ACCC) has outlined eight principles designed to combat greenwashing by businesses and protect consumers. The ACCC has published a draft guidance to address "concerning conduct" arising from a recent ...

US regulators launch investigation into OpenAI

CASSANDRA BALDINI  |  FRIDAY, 14 JUL 2023
The Federal Trade Commission (FTC) is investigating OpenAI, the artificial intelligence research firm that owns ChatGBT, to evaluate possible negligence and consumer harm. In a 20-page document sent to the Microsoft-backed AI firm, regulators demanded ...

Acting retirement lead appointed at Australian Retirement Trust

ELIZABETH FRY  |  FRIDAY, 14 JUL 2023
Two Australian Retirement Trust (ART) executives have stepped into new interim roles ahead of the newly appointed chief of retirement arriving at the end of the year. As recently announced by the $240 billion superannuation giant, Kathy Vincent has ...

FY23 farewells 700 advisers

KARREN VERGARA  |  FRIDAY, 14 JUL 2023
Financial advice firms AMP Financial Planning, Synchron, and Charter farewelled the largest number of advisers, dragging down the total population to 15,708 from 16,415 at the end of the 2023 financial year. Rainmaker analysis of ASIC's Financial Adviser ...

FRAA provides roadmap for improved super regulation by APRA

ANDREW MCKEAN  |  FRIDAY, 14 JUL 2023
The Financial Regulator Assessment Authority (FRAA) has affirmed the effectiveness of APRA in superannuation supervision, while identifying underdevelopment in the regulator's resolution function. The FRAA tabled five recommendations for APRA to enhance ...

Lowe hands down RBA board shake up

CASSANDRA BALDINI  |  THURSDAY, 13 JUL 2023
Reserve Bank of Australia (RBA) governor Philip Lowe has announced significant changes that will be implemented by the central bank in response to the recent review of its processes. In what is potentially his last speech as governor, Lowe explained ...

Praemium hires governance, risk chief

JAMIE WILLIAMSON  |  WEDNESDAY, 12 JUL 2023
Praemium now has a fully stocked executive team, with the appointment of a chief governance and risk officer completing chief executive Anthony Wamsteker's refresh. Rachel Axton will join Praemium later this month as chief governance and risk officer. ...

Platforms FUM falls $20bn: Report

CHLOE WALKER  |  WEDNESDAY, 12 JUL 2023
In the year to March end, total funds under management (FUM) held by platforms, wraps and master trusts dropped by $19.5 billion, according to Plan For Life. Specifically, platforms saw a 1.9% decline from over $1 trillion to $982.5 billion, and year ...

Advice firm revenues jump 45%

KARREN VERGARA  |  WEDNESDAY, 12 JUL 2023
Despite employing fewer staff and a reduction in client numbers, financial advice firms saw revenues shoot up by nearly 50% from two years ago. A survey of 122 advice practices conducted by Business Health and Iress found average revenue jumped from ...