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APRA forced to overhaul culture, capabilities

KARREN VERGARA  |  WEDNESDAY, 17 JUL 2019
... APRA drew heavy criticism for the way it has regulated the superannuation sector, and oftentimes puts it in the "back seat" next to the banking and insurance, given that it does not pose financial stability issues. The panel said it was not enough that ...

Grattan Institute chief retires

ELIZABETH MCARTHUR  |  TUESDAY, 16 JUL 2019
... leadership and it is time for the board to identify and put in place a new chief executive who can take Grattan onto the next stage," Daley said. "The greatest legacy of a chief executive is not what is achieved while you are there, but how you set up ...

AFCA delivers $83 million win

ELIZABETH MCARTHUR  |  MONDAY, 15 JUL 2019
... institutions, banks were the most complained about - with a total of 12,305 complaints levelled at them. General insurers were the next most complained about with 6839 complaints, followed by credit providers with 5447. The most complained about financial ...

J.P. Morgan loses custody contract

KANIKA SOOD  |  FRIDAY, 12 JUL 2019
... interest and quality of submissions from the tender respondents. We look forward to partnering with Northern Trust during the next phase of Funds SA's evolution." "We would also like to acknowledge J.P. Morgan, whom we have had a very strong and ...

APRA sticks to rigid member outcomes deadline

KARREN VERGARA  |  FRIDAY, 12 JUL 2019
... funds that the proposed elements will likely remain largely unchanged and the 1 January 2020 effective date is on track. From next January, trustees must regularly assess the outcomes provided to members and identify opportunities for areas of improvement ...

ASIC slams consumer credit failures

HARRISON WORLEY  |  FRIDAY, 12 JUL 2019
... account. "If we do not see early, significant and sustained improvement in the design and sale of consumer credit insurance, our next steps may involve the deployment of our new product intervention power where we see a risk of significant consumer detriment," ...

Advisers struggle with untapped SMSF market

KARREN VERGARA  |  FRIDAY, 12 JUL 2019
... do not seek financial planners because of the lack of confidence in the adviser's expertise. Paying adviser fees was the next main barrier (30%). But many of the 268 SMSF financial planners canvassed were optimistic about growing their SMSF offering ...

Grattan SG claims slammed by industry bodies

HARRISON WORLEY  |  THURSDAY, 11 JUL 2019
... obsolete in light of their contradictions. "One week they're claiming an increase in super won't reduce the age pension, the next they claim people will be worse off because they will miss out on the age pension if they retire with more money," Linden ...

Chief economist update: A case for optimism

BENJAMIN ONG  |  THURSDAY, 11 JUL 2019
... spending decisions are based on how they see their future finances, employment and economic conditions. The "Family finances next 12mths" sub-index plunged by 8.0% in the month of July. The "Unemployment Expectations Index" increased by 5.8% to a reading ...

UBS appoints new country heads

KANIKA SOOD  |  WEDNESDAY, 10 JUL 2019
... of corporate client solutions, Australasia and Hughes will also remain as country operating officer, Australasia. Over the next six months, Grounds will focus on ensuring an orderly handover to the newly appointed country heads in early August. Grounds ...