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ISA reaffirms stance on super guarantee

ELIZA BAVIN  |  TUESDAY, 4 FEB 2020
ISA said too many Australians, particularly women, are retiring without enough super and the increase to 12% is central to fixing the problem. "ISA analysis shows more than eight million Australians could be worse off in retirement if the super rate ...

Chief economist update: Coronavirus infects oil market

BENJAMIN ONG  |  TUESDAY, 4 FEB 2020
... negative impact on other nations. The ban on Chinese tourists will aggravate this. Data from the China Tourism Authority show that Chinese tourists took 149 million trips in 2018, with total spending amounting to US$130 billion - or the size of Luxembourg ...

Industry split over super fee hike

ELIZABETH MCARTHUR, JAMIE WILLIAMSON  |  TUESDAY, 4 FEB 2020
A new fee introduced by Australia's largest superannuation fund has divided the industry, with many questioning its legitimacy. Earlier this month AustralianSuper notified members it would be introducing a new fee called 'Administration fee ...

Sargon companies in administration

KANIKA SOOD  |  MONDAY, 3 FEB 2020
... companies. Stewart Alexander McCallum and Adams Pauls Nitkins will jointly administer all three companies, regulatory documents show. "Stewart McCallum and Adam Nikitins of EY were appointed Joint and Several Voluntary Administrations over selected subsidiary ...

Retail funds outperform, but industry funds dominate

HARRISON WORLEY  |  MONDAY, 3 FEB 2020
Latest research shows retail super funds hit back in 2019, outperforming industry super funds across the year as impact of a tough final quarter in 2018 begins to fade. New analysis from Rainmaker published by SelectingSuper shows retail super funds ...

SG increase means lower wages: Grattan

HARRISON WORLEY  |  MONDAY, 3 FEB 2020
... report doesn't just stop at the super-wages trade-off for workers covered by federal enterprise agreements. It claims to show other workers are also likely to experience lower wages growth thanks to rises in compulsory super, including those whose pay ...

Ongoing fees, advice fees in super to be reformed

ELIZABETH MCARTHUR  |  FRIDAY, 31 JAN 2020
... that an insurer may only avoid a contract of life insurance on the basis of non-disclosure or misrepresentation if it can show that it would not have entered into a contract on any terms. Treasury said of this point: "The draft legislation seeks to strengthen ...

SMSF data misleading: BGL

ALLY SELBY  |  FRIDAY, 31 JAN 2020
SMSF administrator BGL Corporate Solutions has called out ASIC over a "misleading" fact sheet it published and distributed to SMSF trustees last year. It comes after SMSF Association chief John Maroney slammed the regulator over the data used in the ...

ASIC bans former Godfrey Pembroke adviser

HARRISON WORLEY  |  THURSDAY, 30 JAN 2020
A financial adviser who recommended his clients invest in a start-up company which crumbled a year later has been banned from the financial services industry for six years. Adelaide-based financial adviser Adrian John Cassidy has been banned from providing ...

Last stand for grandfathered commissions falls over

ELIZABETH MCARTHUR  |  THURSDAY, 30 JAN 2020
The Association of Independently Owned Financial Professionals has failed to raise the necessary funds to mount its High Court challenge to retain grandfathered commissions. The AIOFP has confirmed the High Court challenge to fight the banning of grandfathered ...