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RI Advice faces ASIC action

JAMIE WILLIAMSON  |  THURSDAY, 31 OCT 2019
ASIC has filed a Federal Court action against RI Advice and one of its former financial advisers who was the subject of a case study during the Royal Commission. Commencing court action today, the corporate regulator has alleged RI Advice failed to ...

Chief economist update: Arrivederci Signor Draghi

BENJAMIN ONG  |  WEDNESDAY, 30 OCT 2019
Super "whatever it takes" Mario Draghi's final outing as president of the European Central Bank (ECB) came and went without much fanfare. The ECB kept monetary policy settings unchanged at its October 24 meeting. This is to be expected after it ...

AMP contests senior lawyer's claims

KANIKA SOOD  |  TUESDAY, 29 OCT 2019
... position of group general counsel and her dissatisfaction with her most recent remuneration increase," the defence documents read. Legally privileged documents Last week, Cook said she had documents showing her communications to key AMP executives when ...

Chief economist update: It's the money, stupid

BENJAMIN ONG  |  TUESDAY, 29 OCT 2019
Extra, extra, read all about it! The S&P 500 index closed at a new all-time high overnight underpinned by bullish headlines that include: positive US-China trade talks; near-certainty of another Fed rate cut at its October FOMC meeting and the latest ...

ASIC wins appeal against Westpac companies

KANIKA SOOD  |  MONDAY, 28 OCT 2019
... this desired result by giving no more than general advice. It was marketing by telephone selling," Federal Court documents read. "This difficulty is that the decision to consolidate superannuation funds into one chosen fund is not a decision suitable ...

Labor supports FASEA extension, confusion remains

ELIZABETH MCARTHUR  |  MONDAY, 28 OCT 2019
... to how difficult it will be for many advisers to meet the deadlines while running small businesses. Pinnell said: "I had read in the press that Labor weren't supporting the legislation and that is why I wrote to my local member." He wants to see Labor ...

Chief economist update: Beam us up Scotty

BENJAMIN ONG  |  FRIDAY, 25 OCT 2019
An RBA rate cut won't happen on Melbourne Cup Day, 5 November. But it will happen - perhaps down to negative and up to the point where the Australian central bank is forced into quantitative easing and print Australian dollars. This is because latest ...

AFA calls for clarity on ethics code

ELIZABETH MCARTHUR  |  WEDNESDAY, 23 OCT 2019
The Association of Financial Advisers (AFA) has called for more clarification and key changes on the Financial Adviser Standards and Ethics Authority code of the ethics. FASEA released its first guidance on the code, which will come into effect next ...

SMSF scheme sees creator jailed

ELIZA BAVIN  |  WEDNESDAY, 23 OCT 2019
... the funds, telling the victims that the money was paid to the Australian Taxation Office. ATO Assistant Commissioner Ian Read said the sentence handed down demonstrates that promoters who encourage illegal early access to superannuation will be held ...

Chief economist update: Rate cuts coming, but not on race day

BENJAMIN ONG  |  MONDAY, 21 OCT 2019
Unless a positive shock emerges over the next few months, expect the RBA to continue lowering interest rates and the Morrison government to increase fiscal spending (but only after it's achieved having the Budget surplus immortalised on paper). ...