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APRA could oversee stalled super fund mergers

KANIKA SOOD  |  WEDNESDAY, 6 FEB 2019
The financial services Royal Commission has suggested APRA's proposed new powers could be used to address stalled super fund mergers. The Parliament is currently waiting to pass a number of changes to the Superannuation Industry (Supervision) Act (SIS ...

Chief economist update: RBA still in denial

BENJAMIN ONG  |  WEDNESDAY, 6 FEB 2019
Say what? "The low level of interest rates is continuing to support the Australian economy. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual. Taking account of ...

Platforms steady after Royal Commission

KANIKA SOOD  |  TUESDAY, 5 FEB 2019
Platforms at the big four banks, AMP and IOOF can breathe a sigh of relief after the Royal Commission's final report. Commissioner Kenneth Hayne did not recommend either structural separation or wider approved product lists. And this could slow ...

Institutions respond to Royal Commission, make commitments

HARRISON WORLEY  |  TUESDAY, 5 FEB 2019
... of banking executives. Commissioner Hayne said the final round of hearings - which saw chief executives and chairs of the big banks, AMP and financial services regulators APRA and ASIC take the stand - surprised him, in the sense that executives were ...

ASIC enforcement must get tough: Commissioner

KANIKA SOOD  |  TUESDAY, 5 FEB 2019
... is a problem of changing culture more than needing to pass new law. Fee-for-no service EUs didn't work The report cited the big four's treatment of ASIC's 2015 investigations. It showed they had charged fees for services they did not provide and the ...

Hayne stops short of dismantling vertical integration

HARRISON WORLEY  |  TUESDAY, 5 FEB 2019
... advice, superannuation and platforms. Responding to the Commissioner's interim report late last year, Australia's big four banks, AMP and Macquarie said Hayne should avoid recommending legislative action disturbing the model which has been widely ...

OPINION: Post RC, where to now for retail super?

ALEX DUNNIN  |  MONDAY, 4 FEB 2019
After a damning report card by the Royal Commission, the big question is where to now for retail superannuation and its advisory network ecosystem? At least we know what's not part of the answer: the status quo. Retail superannuation may not be ...

Grandfathered commissions to be banned

JAMIE WILLIAMSON  |  MONDAY, 4 FEB 2019
... supported ending grandfathered commission payments to financial advisers and from superannuation accounts. Hayne said each of the big banks and other industry participants are in favour of legislation repealing such provisions under the Corporations ...

SMSF investments reach far and wide

HARRISON WORLEY  |  MONDAY, 4 FEB 2019
... retirement funds into assets such as marina berths and indigenous artworks. Latest research from SuperConcepts reveals the big ticket items held within SMSFs. Gold and silver perform well, with some funds shelling out almost a quarter of a million dollars ...

Chief economist update: Time for an RBA shift to neutral

BENJAMIN ONG  |  MONDAY, 4 FEB 2019
"Our tightenings or loosenings of monetary policy are determined by the inflation outlook. If the economy wants to grow faster than it currently is, and inflation is not showing any tendency to rise to the point where it could threaten our medium-term ...