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Government passes FAR legislation

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
... parliament yesterday, more than four years after it was first introduced. The Financial Accountability Regime Bill 2023 will apply to the banking industry six months after Royal Assent. For the insurance and superannuation industries, it will apply 18 ...

Integrity Life to cease writing new retail policies

JAMIE WILLIAMSON  |  TUESDAY, 5 SEP 2023
... 59,000 to 185,000. While the decision was largely influenced by the decline of the retail advised channel, it will also apply to the corporate group channel to "maintain capital for the benefit and protection of existing policyholders." According to ...

Institutional investor pumps $750m into Qualitas fund

CHLOE WALKER  |  WEDNESDAY, 16 AUG 2023
The commitment to the Qualitas Construction Debt Fund II will allow the investment manager to capitalise on upcoming attractive opportunities in the commercial real estate (CRE) private credit sector. The commitment of $750 million by an unnamed institutional ...

Veteran adviser cops permanent ban

KARREN VERGARA  |  TUESDAY, 15 AUG 2023
ASIC permanently banned a financial adviser who has been advising for 34 years after an investigation found, among other violations, that he misappropriated funds and dealt in derivatives without the proper authorisations. Donald James Cuthbertson ...

Super tough sell for First Nations people: Podcast

CASSANDRA BALDINI  |  FRIDAY, 11 AUG 2023
... one way is to create a tiered early release system, applicable by postcode, acknowledging that it is often difficult to apply concessions based on race. "There are certain postcodes in regional and remote areas with high indigenous populations. I think ...

ASX-listed firms partner for financial education

KARREN VERGARA  |  FRIDAY, 11 AUG 2023
... executive Andrew Coleman said. "Many people make financial mistakes despite the available information because it is difficult to apply to your own specific circumstances. Financial advisers fill that gap but rising costs and compliance have taken this ...

Active Super to face action over greenwashing

RACHEL ALEMBAKIS  |  FRIDAY, 11 AUG 2023
... excluded investments in companies involved in carbon intensive fossil fuels like thermal coal. Exclusions were also stated to apply to companies involved in alcohol production and gambling. The regulator alleged that the Sustainable Plus options had ...

APRA finalises framework for MySuper products

ANDREW MCKEAN  |  THURSDAY, 10 AUG 2023
... recalibrations during quarters marked by a change event, like shifts in lifestage. It lays out the principles APRA will apply to ensure similar scenarios are treated consistently when dealing with across-product changes, including avoiding product phoenixing ...

Hejaz debuts Australia's first Islamic pension product

ANDREW MCKEAN  |  WEDNESDAY, 9 AUG 2023
Hejaz Group has introduced the first ever Islamic pension product, alongside a new super offering, advancing its commitment to offer comprehensive wealth services tailored for the Muslim community in Australia. Hejaz Islamic Super and Pension provides ...

Treasury consults again on FFSP exemptions

JAMIE WILLIAMSON  |  TUESDAY, 8 AUG 2023
... which is already being transitioned out; once transitional arrangements expire in March 2024 foreign providers will need to apply for an AFSL where no other exemption or relief can be applied. Meanwhile, the market maker exemption would apply to those ...