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ATO warns of SMSF concentration risk

KRISTI CHENG  |  WEDNESDAY, 14 AUG 2019
... decisions. "We'll also ask trustees to have their documentation ready for their SMSF's approved auditor for their next audit to help the auditor form an opinion on the fund's compliance with these requirements," it said. Diversification is ...

Magellan posts bumper profits, raising $275m

KANIKA SOOD  |  TUESDAY, 13 AUG 2019
... capital. The bookbuilding will start today, with the outcome to be announced tomorrow. The new shares will start trading next Tuesday. New LIT Magellan is also launching a listed investment trust for that will replicate the strategy of the Magellan High ...

Praemium FUA skyrockets

KARREN VERGARA  |  TUESDAY, 13 AUG 2019
... our new Integrated Managed Accounts platform is a great achievement, there remain many things for us to do," he said. The next major project is fully integrating the platform, and WealthCraft CRM and financial planning systems. The firm's international ...

Fidante loses $3.9bn of super fund assets

KARREN VERGARA  |  TUESDAY, 13 AUG 2019
... million in new distribution, product and marketing initiatives builds on the strong foundations of our business to drive the next phase of growth. These initiatives support our goal to make annuities a mainstream option in retirement by promoting bottom-up ...

Ex-ANZ adviser goes solo

ELIZABETH MCARTHUR  |  TUESDAY, 13 AUG 2019
... have to do the FASEA ethics course and exam like all other advisers - she said she hopes to complete these hurdles by early next year. Though, compliance issues don't present a challenge for Laird. "ANZ has always been very compliance focussed so I feel ...

ASIC fines Finclear $70,000

KRISTI CHENG, KARREN VERGARA  |  FRIDAY, 9 AUG 2019
... informed the regulator, and cancelled the special crossing. The shares were trading on a cum-dividend basis at that time but the next day traded ex-dividend. Finclear then went to the ASX to create a special cum-dividend market for the shares, and was ...

On track: APRA reveals RC progress

HARRISON WORLEY  |  THURSDAY, 8 AUG 2019
... setting out how the two will co-operate with each other within their statutory obligations, is due for publication within the next four months. The two regulators most responsible for overseeing the financial services industry were lambasted by the Commissioner ...

AMP announces new strategy, capital raise

JAMIE WILLIAMSON  |  THURSDAY, 8 AUG 2019
... sale, which failed to meet necessary regulatory approvals last month, is now expected to be completed in the first half of next year. The proceeds of the sale will also underpin the new strategy, while AMP said it will also assess all capital management ...

BT advice boss lands new role

KANIKA SOOD  |  WEDNESDAY, 7 AUG 2019
... circumstances into account and how the company dealt with ASIC and a reference check request from the rogue adviser's next employer. His former employer, BT Financial Group (BTFG) was slated to make almost 300 redundancies as Westpac implemented ...

Chief economist update: RBA heading to zero

BENJAMIN ONG  |  WEDNESDAY, 7 AUG 2019
... together (and Murphy's Law and Trump), it wouldn't be surprising to see the official cash rate at or near zero per cent next year. A bit extreme perhaps, but this time last year no one expected the Fed to cut interest rates nor the RBA to chop ...