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What you read in 2023

JAMIE WILLIAMSON  |  FRIDAY, 15 DEC 2023
... as chief executive of Insignia Financial after two decades with the business claims the top spot as this year's most-read news item. Insignia said the decision was a mutual agreement between the business and Mota, with the chief executive saying ...

ASIC, APRA slam premium hikes

KARREN VERGARA  |  FRIDAY, 15 DEC 2023
... company made the conscious decision to keep increases for level premiums at a lower rate than for stepped premiums," the letter read. The regulators warned insurers to "strengthen their risk management frameworks and compliance assurance around re-rating ...

Boards unprepared for new workplace laws: Research

ROSE MARY PETRASS  |  THURSDAY, 14 DEC 2023
New research finds most directors are concerned their boards aren't fully ready to meet new workplace sexual harassment laws introduced this week. Effective December 12, the Australian Human Rights Commission is now enforcing the Positive Duty under ...

Mild recession in 2024, higher interest rates: Vanguard

KARREN VERGARA  |  WEDNESDAY, 13 DEC 2023
... has increased, driven primarily by demographics, productivity growth, and higher structural fiscal deficits," the report read. "Policy rates are therefore likely to remain at heightened levels compared with periods following the Global Financial Crisis ...

A third of Aussies want life insurance advice: Research

CHLOE WALKER  |  THURSDAY, 7 DEC 2023
New research commissioned by the Council of Australian Life Insurers (CALI) shows the number of people receiving professional life insurance advice remains low, despite a third showing interest. The survey polled over 1000 Australian workers aged between ...

Advice firms must scale up to meet demand: AZ NGA

CASSANDRA BALDINI  |  WEDNESDAY, 6 DEC 2023
Financial advice businesses must supercharge their capabilities, expand their capacity, and scale up to reach and serve more Australians. According to AZ NGA's paper, titled Ready or Not? A guide to building a super firm, the industry's current ...

Global X accelerates push to leapfrog local rivals

ANDREW MCKEAN  |  WEDNESDAY, 6 DEC 2023
Global X is intensifying efforts to challenge local ETF managers, targeting an ambitious growth in assets under management (AUM) by the end of 2024. The ETF manager, having reached $6 billion AUM in 2023, is now pursuing a goal of $10 billion by 2025 ...

Superhero Super swallows Smartsave, overhauls offerings

KARREN VERGARA  |  TUESDAY, 5 DEC 2023
... superannuation funds, potentially leading to poor outcomes for members in cases where there isn't sufficient scale," the notice read. Superhero Super and Smartsave are sub-plans of OneSuper, which in turn is issued by Diversa Trustees. Smartsave ...

Retirement phase of superannuation consultation opens

KARREN VERGARA  |  MONDAY, 4 DEC 2023
... range of features or products, such as 'default' drawdown rates, investment strategies and/or longevity products," the paper read. Changing the minimum drawdown framework is one option. This could be revising minimum rates to "achieve a smoother drawdown ...

Changing retirement landscape needs regulatory framework: Actuaries Institute

CASSANDRA BALDINI  |  MONDAY, 4 DEC 2023
The government has been encouraged to create a regulatory framework that empowers superannuation trustees to offer members targeted help, guidance, and advice (HGA) on issues outlined in the Retirement Income Review (RIC). The Actuaries Institute dialogue ...