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Westpac refunds $9.2 million in unfair fees

JAMIE WILLIAMSON  |  TUESDAY, 13 SEP 2016
About $9.2 million has been refunded by Westpac after more than 160,000 customers were wrongfully charged inapplicable account fees. The refunds are a result of the bank failing to waive fees on Westpac and St. George branded savings and transaction ...

$1.6 million cap will not derail retirement

DARREN SNYDER  |  MONDAY, 12 SEP 2016
Analysis from actuarial consultants Milliman shows there are good signs the proposed $1.6 million superannuation tax-free threshold in retirement will deliver a comfortable lifestyle within average life expectancy. The analysis suggests there is a 94% ...

University launches free SMSF course

KERRIE SYDEE  |  MONDAY, 12 SEP 2016
Charles Sturt University (CSU) has launched an online self-managed superannuation course as a growing number of Australians move to manage their own superannuation assets. Professor of finance at the School of Accounting and Finance, Adam Steen launched ...

A former PM, a Harvard professor and an adventurer to headline AFA conference

KERRIE SYDEE  |  FRIDAY, 9 SEP 2016
The Association of Financial Advisers has revealed its seven plenary keynote speakers, with just 26 days until the National Adviser Conference kicks off. Headlining the conference is former Prime Minister John Howard, who will outline his vision for ...

Economic Wrap

BENJAMIN ONG  |  THURSDAY, 8 SEP 2016
... of 3.3% in the June quarter is the fastest since the June quarter of 2012 and marked the economy's 25th year of recession-free performance. The year-on-year rate of growth has been consistently accelerating since it bottomed at 2.0% in the June quarter ...

First clean energy seed fund launched

KERRIE SYDEE  |  MONDAY, 5 SEP 2016
... registration with Innovation Australia as an early stage venture capital limited partnership (ESVCLP) to provide investors with tax free returns and be compliant with the Significant Investor Visa program. CEFC chief executive Oliver Yates said: "We ...

Vanguard makes senior hire

JAMIE WILLIAMSON  |  FRIDAY, 2 SEP 2016
Vanguard Australia has appointed a new head of legal and compliance. Ashley Warmbrand, formerly head of risk and audit governance at NAB, will commence with the fund manager in October. With over 15 years' experience in financial and professional services ...

Mark Dunsford attacks FSC over life reforms

JAMIE WILLIAMSON  |  THURSDAY, 1 SEP 2016
... has done to dairy farmers." Dunsford also accused Loane of wanting to remove independent advisers in order to "deliver a free kick to the vertically integrated banks." In a statement to Financial Standard, the FSC responded by saying it strongly supports ...

LICG successful in triggering AFA EGM

JAMIE WILLIAMSON  |  WEDNESDAY, 31 AUG 2016
The Association of Financial Advisers (AFA) has confirmed it has received the minimum number of member submissions required under the Corporations Act to propose an amendment to its constitution via an extraordinary general meeting (EGM). Spearheaded ...

Majority of Australians without financial plan

KERRIE SYDEE  |  TUESDAY, 23 AUG 2016
Baby boomers are more optimistic than their younger counterparts, with 51% of generation X fearing they won't have enough money to retire compared to 40% of baby boomers, according to new research from the Financial Planning Association of Australia ...