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Will HNW firms re-enter retail advice?

KARREN VERGARA  |  WEDNESDAY, 1 NOV 2023
... JBWere spokesperson denied that the firm is moving into the retail client space. While a UBS spokesperson confirmed that it is not going back to retail advice, the global bank, however, has flagged that it will re-enter the wealth management sector after ...

Licensees flout breach reporting regime: ASIC

KARREN VERGARA  |  WEDNESDAY, 1 NOV 2023
... could have avoided if they rectified the root cause. ASIC is concerned that the errors were repeatedly made as licensees did not adequately identify the causes of breaches. About 44% of reported breaches related to false or misleading statements. The ...

Calastone appoints new local head

ANDREW MCKEAN  |  WEDNESDAY, 1 NOV 2023
Global funds network Calastone has internally promoted an executive to serve as the new head of its Australian and New Zealand operations. Effective today, Marsha Lee will succeed Teresa Walker, who stepped back from the business at the end of October. ...

NAB commits to $1bn of lending to boost First Nations businesses

CASSANDRA BALDINI  |  TUESDAY, 31 OCT 2023
... Standard it's an ambitious target, but one the bank will happily beat. "It's a goal that we're setting, but we're not constrained in our balance sheet, it's not finite if we can find more opportunities to finance First Nations businesses ...

'Critical shortcomings' demand urgent action from trustees: APRA

ANDREW MCKEAN  |  TUESDAY, 31 OCT 2023
APRA deputy chair Margaret Cole has sounded the alarm on gaps in superannuation trustees' plans to assist the "tidal wave of fund members" heading toward retirement. At the Australian Financial Review's Super and Wealth Summit today, Cole outlined ...

Willis Towers Watson sheds more corporate super plans

JAMIE WILLIAMSON  |  TUESDAY, 31 OCT 2023
... its 2023 annual report, it has just shy of $27 million in assets on behalf of 28 members. Still, WTW remains adamant it is not exiting the corporate super space altogether, with head of retirement Louise Campbell telling Financial Standard : "WTW is ...

TelstraSuper launches option, retirement tool

KARREN VERGARA  |  TUESDAY, 31 OCT 2023
... income stream account. A member's entire Direct Access investment balance must be transferred across as partial transfers are not allowed. There are now also 17 new ETFs available on the Direct Access platform, bringing the total number in the menu to ...

Cost-of-living crisis puts young members at risk: Rest

ANDREW MCKEAN  |  TUESDAY, 31 OCT 2023
... members' experiences, highlighting the acute impact of cost-of-living pressures on Australians. "We know superannuation is not always front of mind for young people and encouraging them to engage with their super is a perennial challenge," Doyle said. ...

Financial services firms hit with criminal charges

CHLOE WALKER  |  TUESDAY, 31 OCT 2023
... Sutton was also involved in and facilitated misconduct by Kristofer Ridgway, a former financial adviser that ASIC said was not "adequately trained" or "competent" to provide financial services. He suggested his clients invest in a range of international ...

Regal Partners, PM Capital confirm acquisition talks

CASSANDRA BALDINI  |  MONDAY, 30 OCT 2023
... takeover of PM Capital by Regal Partners. It was clarified that the transaction discussions pertain solely to PM Capital and do not involve PM Capital Global Opportunities Fund Limited (PGF). PM Capital further confirmed there will be no impact on its ...