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AFSL to begin independent review

DARREN SNYDER  |  WEDNESDAY, 16 JAN 2019
ASIC ordered that an Australian Financial Services Licensee appoint an independent expert to review the implementation of its compliance framework. The regulator said it is concerned with the adequacy and effectiveness of Kaz Capital's compliance framework ...

AustralianSuper consortium ups bid for Navitas

KANIKA SOOD  |  WEDNESDAY, 16 JAN 2019
... October and November bids which the Navitas board then said undervalued the company. It is also 34% higher than the stock's close of October 9, the last day before BGH Consortium's advances ran up the stock. The Navitas board said its directors intend ...

Former AMP senior manager joins platform

JAMIE WILLIAMSON  |  WEDNESDAY, 16 JAN 2019
... as it progresses plans to list on the ASX. Donna Hardman is now a non-executive director on the Powerwrap board, adding close to 40 years' experience in financial services. Hardman is a former head of SMSF strategy and implementation at AMP. She has ...

Xinja funds platform for growth

OSKAH DUNNIN  |  WEDNESDAY, 16 JAN 2019
Neobank Xinja has successfully funded its second campaign on the Equitise crowdfunding platform, raising more than $500,000 in nine hours. Equitise co-founder Jonny Wilkinson believes the neobank market is set to disrupt the established banking industry ...

3.5 million Aussies give financial advice to friends and family: Roy Morgan

HARRISON WORLEY  |  TUESDAY, 15 JAN 2019
... research house revealed a face-to-face survey of more than 50,000 consumers which showed how many Australians are asking those close to them to advise on their financial matters. The researcher said this network of decision making capacity is "likely ...

ASIC suspends online broker AFSL

KARREN VERGARA  |  TUESDAY, 15 JAN 2019
... Kelly said as the platform is still operating, users don't have permission to enter into new trades but will be able to close out of their positions. Halifax provided an online platform to trade derivatives, stock, FX and options. It had offices across ...

NAB to end financial planning compliance issue

HARRISON WORLEY  |  TUESDAY, 15 JAN 2019
... did not correctly witness client BNFs. NAB has moved to bring a compliance issue in its financial planning division to a close. NAB said impacted clients only signed the form with one witness present, with a second witness signing the forms despite not ...

Budget surplus unlikely as economy stalls: Fitch

OSKAH DUNNIN  |  TUESDAY, 15 JAN 2019
... received higher than expected revenue from individual and company taxes. This suggested a $4.1 billion Budget surplus to close the 2019/20 financial year. However, analysts at Fitch Solutions suggest slowing economic growth could reduce taxation revenues ...

Sunsuper expands advice business

OSKAH DUNNIN  |  TUESDAY, 15 JAN 2019
... State. The pair join Sunsuper at a time when the fund is on more than 20 licensee approved product lists (APLs) and has close to 3000 advisers who frequently recommend Sunsuper when advising clients. Black, appointed as Queensland business development ...

State Street names Asia Pacific head

HARRISON WORLEY  |  TUESDAY, 15 JAN 2019
A State Street veteran will take the reins of the firm's Asia Pacific arm. Ian Martin, who currently heads State Street's global services offering across Asia Pacific, has been promoted to lead the entirety of the firm's efforts in the region. In succeeding ...