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ASIC zeroes in on SMSF auditors

HARRISON WORLEY  |  WEDNESDAY, 6 NOV 2019
... conditions. The three auditors were referred to ASIC by the ATO under the SIS Act, with the two organisations engaged in a close relationship over the regulation of SMSF auditors.

Chief economist update: RBA holds but for how long?

BENJAMIN ONG  |  WEDNESDAY, 6 NOV 2019
... for inflation to pick up, but to do so only gradually. In both headline and underlying terms, inflation is expected to be close to 2 per cent in 2020 and 2021. "The main domestic uncertainty continues to be the outlook for consumption, with the sustained ...

Afterpay slides in global fintech rankings

HARRISON WORLEY  |  TUESDAY, 5 NOV 2019
Tech-darling Afterpay has suffered a slide in the ranking of the world's leading fintech innovators. The annual KPMG and H2 Ventures FINTECH100 list is a collaboration between the global consulting firm and Sydney-based venture capital investment ...

Adviser moves show industry upheaval

ELIZABETH MCARTHUR  |  TUESDAY, 5 NOV 2019
Rainmaker analysis of ASIC Financial Adviser Register data has revealed hundreds of movements across advice dealer groups in just the last three months. From July to October end, Commonwealth Financial Planning lost over 100 advisers, going from 568 ...

Morningstar bets on advice software

KANIKA SOOD  |  MONDAY, 4 NOV 2019
... Morningstar has entered a definitive agreement to acquire AdviserLogic for undisclosed terms, with the transaction expected to close by month end. AdviserLogic co-founder Gundeep Sidhu will leave the company. The other co-founder and current chief executive ...

Chief economist update: Good news is good news

BENJAMIN ONG  |  MONDAY, 4 NOV 2019
... to look a lot like Christmas has come early... and Thanksgiving too. Wall Street benchmark equity indices rallied at the close of trading last week: The S&P 500 added 1.0% to a new all-time high; the Nasdaq closed 1.1% up but not after setting a fresh ...

Chief economist update: Fed pause could be a short one

BENJAMIN ONG  |  FRIDAY, 1 NOV 2019
... officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a "phase one" agreement." "In private conversations with visitors to Beijing and other interlocutors in recent weeks ...

Woolworths admits to underpaying staff $300m

ELIZA BAVIN  |  WEDNESDAY, 30 OCT 2019
Woolworths has apologised in a statement today, admitting that it has underpaid close to 6000 employees by up to $300 million. The group said the discovery was made after it began a review earlier this year after the implementation of a new Enterprise ...

Industry fund hires new product lead

ELIZABETH MCARTHUR  |  TUESDAY, 29 OCT 2019
An $11.4 billion industry fund has welcomed a new product manager who previously worked at BT Financial Group, ANZ and Perpetual. Quyen Woodrow steps into the product manager role at NGS Super. In her new position, Woodrow will be responsible for the ...

Chief economist update: It's the money, stupid

BENJAMIN ONG  |  TUESDAY, 29 OCT 2019
Extra, extra, read all about it! The S&P 500 index closed at a new all-time high overnight underpinned by bullish headlines that include: positive US-China trade talks; near-certainty of another Fed rate cut at its October FOMC meeting and the latest ...