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Super fund temporarily cuts fees

HARRISON WORLEY  |  TUESDAY, 7 APR 2020
... administration, investment management and indirect fees to 0.6% for the rest of the year, meaning a $450 saving over the next eight months for members with a $100,000 balance. FairVine Super executive chair Sangeeta Venkatesan said she was hopeful other ...

ASIC cancels slew of AFSLs

JAMIE WILLIAMSON  |  FRIDAY, 3 APR 2020
... administration in November last year and a liquidator was appointed. The licensee is required to remain a member of AFCA for the next 12 months. In one of two other cancellations, ASIC canned the license of Your Super Life, an organisation that assisted ...

Industry bodies work to ease regulatory burdens

ELIZABETH MCARTHUR  |  FRIDAY, 3 APR 2020
... in regulations can facilitate this." ASIC's decision on whether to provide some regulatory relief could come as early as next week.

US faces deepest recession on record

ALLY SELBY  |  FRIDAY, 3 APR 2020
... Bank of America senior US economist Michelle Meyer wrote in a note to the bank's clients that GDP would contract for the next three quarters, declining by 10.4%. "This will be the deepest recession on record, nearly five times more severe than the post-war ...

Not buy time yet: Lonsec

KANIKA SOOD  |  THURSDAY, 2 APR 2020
... further, it is still changing day to day. In Australia, the Reserve Bank has promised to inject at least $2 billion over the next three for small-to-medium-enterprise borrowing. Meanwhile, Lonsec's asset allocation committee has decided to diversify ...

Time to step up or face the music

ALLY SELBY  |  THURSDAY, 2 APR 2020
... and clear with their response, they should prepare to face the music. Although it is impossible to predict exactly how the next few months will pan out; how many people will lose jobs, how many lives will be lost, how many businesses will crumble; it's ...

Self-isolation to accelerate secular trends

HARRISON WORLEY  |  THURSDAY, 2 APR 2020
The world's new reality will soon be defined by social distancing and self-isolation. And while that might be sad for most of us, some stand to benefit incredibly from the new normal. Speaking with Financial Standard, Antipodes Partners chief investment ...

Westpac names new chief executive

JAMIE WILLIAMSON  |  THURSDAY, 2 APR 2020
... ongoing uncertainty. In an announcement today, Westpac chair John McFarlane said King has agreed to take on the role for the next two years. "I believe we need a chief executive in place now, not later, and with full, rather than acting authority," McFarlane ...

MLC waives licensee fees, delays dealer group transitions

JAMIE WILLIAMSON  |  WEDNESDAY, 1 APR 2020
... Wealth chief executive Geoff Lloyd informed advisers of five elements of additional support MLC will be providing over the next six months. To reduce financial pressure on advisers, MLC is waiving 100% of licensee fees from today to June 30. Advisers ...

Schroders appoints regional leadership

HARRISON WORLEY  |  TUESDAY, 31 MAR 2020
... industry and client engagement experience, our strong performing business across Asia Pacific is well positioned for the next stage of growth," Debruyne said. Separately, the firm has been preparing to bring a private equity fund to Australia later this ...