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APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
The prudential regulator's powers have been bolstered thanks to new laws that will enable it to take tougher action on trustees and underperforming funds. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation ...

FCA hits Goldman Sachs over reporting failures

HARRISON WORLEY  |  FRIDAY, 5 APR 2019
The UK's financial services conduct regulator has fined Goldman Sachs International more than £34 billion over historic reporting breaches. The FCA revealed the fine late last month and said the global giant had failed to provide accurate and timely ...

Major advice licensee in possible best interest breach

JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
Extra conditions have been placed on the AFSL of one of Australia's biggest financial advice licensees following an investigation sparked by phenomenal growth in adviser numbers in just six months. SMSF Advisers Network has had additional licence ...

Managed accounts grow, but education remains low

HARRISON WORLEY  |  WEDNESDAY, 3 APR 2019
Latest research shows managed accounts usage continues to grow in Australia, despite educational deficiencies. Global asset manager State Street Global Advisors released research in conjunction with Investment Trends that reveals almost double the amount ...

Cost of living fears rise: Research

ELIZABETH MCARTHUR  |  WEDNESDAY, 3 APR 2019
According to new research, 40% of Australians say the rising cost of living is their single greatest concern in 2019 but effective financial advice could be the solution. Latest research from Mortgage Choice and CoreData's looked at the attitudes and ...

Australia, New Zealand leaders in responsible investment

ELIZABETH MCARTHUR  |  TUESDAY, 2 APR 2019
Australian and New Zealand investors are the most likely in the world to use a responsible investment approach, according to the Responsible Investment Association of Australasia. In Australia and New Zealand, 63% of total assets under management are ...

Chief economist update: China stitches it in time

BENJAMIN ONG  |  TUESDAY, 2 APR 2019
If you want a poster boy to that old saying that, "a stitch in time saves nine" China is it. Latest data show that China's manufacturing sector is back in expansion. The official National Bureau of Statistics (NBS) China manufacturing PMI increased ...

Regulators name laggard life insurance providers

KARREN VERGARA  |  MONDAY, 1 APR 2019
While the majority of life insurance claims are paid in the first instance (92%), the wait and resolution times vary significantly across providers, a joint study by the regulators found. AMP (eight months) and Westpac (three months) take the longest ...

Trump will continue to buoy stock markets: Poll

KARREN VERGARA  |  MONDAY, 1 APR 2019
Robert Mueller's findings that US President Donald Trump did not collude with Russia during the 2016 election campaign is good news for the global share markets, Financial Standard's latest spot poll shows. The majority of readers (68%) agree that ...

FEW recognises Thalia Stanley Group founder

KARREN VERGARA  |  MONDAY, 1 APR 2019
The founder of Thalia Stanley Group was recognised for her contribution to financial literacy and mentorship. Marion Mays won the Positive Progression of Women Award at the annual Financial Executive Women Leadership Conference, which was held in Sydney ...