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Showing 1331 - 1340 of 3211 results for "Power"

Banks move to derisk, workforces shrink

KANIKA SOOD  |  MONDAY, 25 MAR 2019
... director of economics and investments Ben Ong says. But super funds have incentive to stay in bank stocks and the purchasing power to buy more. "It is the same heavy weighting that, however, would prevent funds, particularly index funds, from dumping ...

Codes of conduct to be made enforceable

ELIZABETH MCARTHUR  |  TUESDAY, 19 MAR 2019
... ASIC. The Treasury released a consultation paper addressing this point from Hayne's report, outlining further regulatory power for ASIC. Treasurer Josh Frydenberg said in a statement: "This is another step forward as part of the government's ...

Zero tolerance approach to poor culture needed

KARREN VERGARA  |  MONDAY, 18 MAR 2019
The newly appointed lead of APRA's capability review is taking a no-nonsense approach to fixing poor behaviour and getting culture right. Monash Business School professor Graeme Samuel, who appeared at the 2019 Conference of Major Super Funds (CMSF) ...

Benchmark APRA against global counterparts: Treasury

KANIKA SOOD  |  FRIDAY, 15 MAR 2019
APRA's first capability review should consider benchmarking it against comparable prudential regulators around the globe, says its terms of reference which are now open for response. Last month, the Government agreed to undertake regular capability ...

Rejuvenated APRA asserts authority

KARREN VERGARA  |  THURSDAY, 14 MAR 2019
... Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019, which gives APRA greater power to take civil penalty action against trustees for breaching their obligations to members, has not yet passed Parliament. ...

Statewide Super confirms merger talks

JAMIE WILLIAMSON  |  WEDNESDAY, 13 MAR 2019
Statewide Super is in advanced merger talks with two superannuation funds, confirming a Memorandum of Understanding has been signed. A spokesperson for Statewide Super told Financial Standard the fund is exploring a potential merger with WA Super and ...

UK pension funds to be hit hard over negligence

HARRISON WORLEY  |  WEDNESDAY, 13 MAR 2019
The UK Government wants to up the ante on pension fund bosses who endanger worker's retirement savings. Under a new proposal from the UK Government, bosses would face up to seven years in jail for endangering the retirement savings of their workers ...

Allianz Retire+ launches flagship product

KARREN VERGARA  |  TUESDAY, 12 MAR 2019
The long-awaited retirement solution of Allianz Retire+ has officially launched. Allianz Retire+ Future Safe provides customers the option to choose fixed rate, market-linked investments and protection options to suit their retirement needs. Future ...

Clayton Utz finally hands AMP notes to ASIC

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
ASIC has struck a major blow in its court battle with AMP over the wealth manager's fee-for-no-service issues. The corporate regulator was handed internal file notes from law firm Clayton Utz last week, which relate to the firm's interviews ...

ASIC scolds banks over fee-for-no-service delays

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... has agreed to adopt recommendations from the 2017 ASIC Enforcement Review Taskforce Report, which includes a directions power. This would allow ASIC to direct AFS licensees to establish suitable customer review and compensation programs." ASIC said the ...