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BT Financial Group divests Ascalon

JAMIE WILLIAMSON  |  FRIDAY, 28 SEP 2018
... hold minority interests in Morphic Asset Management and Deepwater Capital. Any other interests currently held by Ascalon will not form part of the transaction. BT Financial Group will work closely with GDG and all of the investment management firms during ...

Fintech hub snaps up Afterpay co-founder

KANIKA SOOD  |  THURSDAY, 27 SEP 2018
... a Melbourne hub with help from AustralinSuper. Earlier this year, law firm Hall & Wilcox became a corporate partner of the not-for-profit incubator, alongside the likes of NAB, ANZ, Optus, IAG, Suncorp and Westpac. Innovators across Stone & Chalk's ...

NAB, MLC face class action

JAMIE WILLIAMSON  |  THURSDAY, 27 SEP 2018
... despite already being covered by their existing policies. The insurance was largely sold over the phone and customers were not provided sufficient time to understand the terms and conditions, Slater and Gordon Class Actions principal lawyer Andrew Paull ...

Super funds call for grandfathering ban

KARREN VERGARA  |  THURSDAY, 27 SEP 2018
... standards and expectations is at the heart of engendering confidence in the system. Perceived and actual conflicts of interest, if not managed appropriately, do the opposite," he said. "Given the fiduciary nature of superannuation it is reasonable to ...

Royal Commission tables life insurance policy questions

KARREN VERGARA  |  THURSDAY, 27 SEP 2018
... Rowena Orr and Mark Costello asked if the sale of direct sale of insurance via outbound telephone calls should be banned. If not, they questioned whether the current regulatory regime governing this practise is adequate to avoid consumer detriment. They ...

Three down one to go, then another three in 2019

BENJAMIN ONG  |  THURSDAY, 27 SEP 2018
And so it came to pass. As expected, the US Federal Reserve lifted the fed funds rate target range by 25 basis points to 2.0%-2.25% following its two-day FOMC meeting on the 25th and 26th of September. US equities rallied immediately after the Fed's ...

Diversity a material economic indicator: AXA IM

HARRISON WORLEY  |  WEDNESDAY, 26 SEP 2018
... value. "There is an argument that, as more information becomes available, markets should become more efficient, but that is not necessarily what we are seeing," Smith said. Smith said data generally should be viewed as "the new oil" not just because ...

AMP ditches SMSF lending

KANIKA SOOD  |  WEDNESDAY, 26 SEP 2018
... lending business, joining CBA and Westpac. AMP will support current SMSF home loan customers. But starting November, they will not be able to switch to interest-only or refinance their loans. This leaves Macquarie, Bendigo Bank and Bank of Queensland ...

Part-time work widens super gender gap

KARREN VERGARA  |  WEDNESDAY, 26 SEP 2018
Women approaching retirement will have 37% less in their superannuation balance than men, latest figures from the Australian Bureau of Statistics show. Women aged between 55 to 64 years old will have an average of $196,000, while men retire with a significantly ...

ASIC slams unacceptable reporting breaches

KARREN VERGARA  |  WEDNESDAY, 26 SEP 2018
... has to address two areas. The first is the length of time to identify and investigate potential breaches. "Whilst this is not of itself a breach of the reporting requirement, this is the source of longest delay and thus of most detriment for consumers," ...