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Rethink the great Australian dream: Report

EMMA RAPAPORT  |  WEDNESDAY, 30 AUG 2017
... growing population or that push up the cost of new housing have to be tackled," chief executive Ken Morrison said. "This is not just an industry issue - it's an economic issue, a community issue and a personal one for many of us."

Small licensees are PI insurance compliant: ASIC

KARREN VERGARA  |  WEDNESDAY, 30 AUG 2017
... costs, fraud and dishonesty requirements under Regulatory Guide 126. Only three licensees were found to be problematic in not meeting defence or legal cost requirements, which must be taken out in addition to the minimum indemnity limit of $2 million ...

MGP looking toward a better 2018

JAMIE WILLIAMSON  |  WEDNESDAY, 30 AUG 2017
... factor. According to the report, five memoranda of understanding (MoU) were executed with new licensees though three opted to not proceed post the due diligence undertaken by MGP, while a further three MoU's were executed to build a superannuation service ...

Government funds ATO superannuation taskforce

DARREN SNYDER  |  TUESDAY, 29 AUG 2017
... failure to meet SG obligations has been a problem ever since the SG was introduced in 1992. "Employers who deliberately do not pay their workers' superannuation entitlements are robbing their workers of their wages. This is illegal and won't be tolerated," ...

Pre-retirees risk significant shortfalls: MLC

EMMA RAPAPORT  |  TUESDAY, 29 AUG 2017
An alarming number of pre-retirees are at risk of falling short of what is required for a 'comfortable retirement', according to research from MLC. More than half of those aged between 50 and 70 are on course to fall beneath the ASFA standard ($545,000 ...

Pinnacle highlights increased retail presence

ALEX BURKE  |  TUESDAY, 29 AUG 2017
In the group's annual report, Pinnacle Investment Management managing director Ian Macoun noted significant growth in funds under management from retail investors. In the 12 months to June 30, Pinnacle boosted its overall FUM by 34% to $26.5 billion. ...

ASIC raises concerns over NSX listings

KARREN VERGARA  |  TUESDAY, 29 AUG 2017
... have a disproportionate amount of trades occurring off-market following very thin trading on NSX. This activity is likely not unique to NSX so we are separately examining the activity across all Australian equity markets." Furthermore, ASIC found a number ...

Labor, FSU call for Royal Commission

KARREN VERGARA  |  TUESDAY, 29 AUG 2017
... Commission a year ago, there can be no doubts today, FSU national secretary Julia Angrisano said. She added APRA's inquiry will not go far enough and may not have the power to compel witnesses and subpoena documents. The terms of reference aren't yet ...

Super funds on notice over disclosure deadline

DARREN SNYDER  |  MONDAY, 28 AUG 2017
From 30 September financial advisers and consumers can expect to see significant changes in the way superannuation and managed investment funds disclose fees and charges. Corporate regulator ASIC said the changes will help bring industry-wide consistency ...

APRA launches inquiry into CBA

EMMA RAPAPORT  |  MONDAY, 28 AUG 2017
... AUSTRAC's legal proceedings against the bank. "The AUSTRAC allegations are extensive and it is astounding that the market would not be advised of such serious and repeated breaches as soon as the company became aware of them," Watson said. "Instead the ...