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CBA forced to review poor compensation methods

LAURA MILLAN  |  MONDAY, 19 MAY 2014
... implemented appropriate compensation processes for clients of former advisers Don Nguyen and Anthony Awkar. However, they did not apply the same measures to clients affected by other financial planners' poor advice. "This inconsistency disadvantaged ...

Growth and consequence

BENJAMIN ONG  |  MONDAY, 19 MAY 2014
... get a glimpse into the BOJ's thinking this Wednesday when its Board meets to discuss monetary policy. The same does not apply for the ECB. We know what's on its mind. Expect action in June. President Draghi told us so earlier this month. "At the end ...

Budget reply speech 2014 -15: Bill Shorten

Delay in SG rise 'disappointing', says industry

JAMES FERNYHOUGH  |  WEDNESDAY, 14 MAY 2014
... "While the pause in the increase was not unexpected, as it was previously announced, we are pleased that the pause will apply at 9.5% rather than 9.2%, as previously stated. "ASFA's view is that the original timetable for phased increases should be maintained. ...

Government establishes superannuation fund for the Australian Defence Force (ADF)

ALICE URIBE  |  TUESDAY, 13 MAY 2014
... transfer their accumulated benefits to a new fund if they leave the ADF. ADF Super will be established on 1 July 2016 and will apply to those joining the ADF from 1 July 2016 and serving and returning members of the Military Superannuation and Benefits ...

'Choice' dashboard, portfolio disclosure delayed to 2015

ALEX DUNNIN  |  TUESDAY, 6 MAY 2014
... locked out of global investment opportunities because aspects of the Australian reforms are much more intense than those that apply in the US, UK and Asia. They are particularly concerned with the provisions that require private equity or hedge fund ...

Brogden reveals thinking behind FWC legal challenge

JAMES FERNYHOUGH  |  WEDNESDAY, 30 APR 2014
... incorrectly constituted and that it cannot proceed." He said that with a correctly constituted panel more retail funds would apply to be included on awards, in the event that legislation did not get through the Senate. But the FSC's legal action has ...

Virgin Money cops fine for misleading direct insurance ads

MARK SMITH  |  WEDNESDAY, 30 APR 2014
Virgin Money Australia has been forced to pay $30,600 in penalties after some of its advertisements fell foul of the regulator. The Australian Securities and Investments Commission (ASIC) issued three infringement notices for misleading online and television ...

FSC will take FWC to Federal Court

JAMES FERNYHOUGH  |  TUESDAY, 29 APR 2014
... rejected the FSC's request for a hearing on the validity of the expert panel. FSC chief executive John Brogden said he would apply for "an urgent hearing in the Federal Court," on the grounds that the current constitution of the Expert Panel is "invalid". ...

FSC and ISA clash over super and awards

LAURA MILLAN  |  THURSDAY, 24 APR 2014
... regime, employers must choose a default super fund from a limited list and while retail super funds with MySuper products can apply to be included in modern awards, industry funds overwhelmingly dominate the lists. "The expert panel must be validly reconstituted ...