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Showing 491 - 500 of 1806 results for "Bill 2013"

Westpac reveals Magnitude, Securitor adviser remediation

HARRISON WORLEY  |  WEDNESDAY, 1 MAY 2019
Westpac is set to repay more than 30% of the ongoing advice service fees charged by authorised representatives of Magnitude and Securitor. Westpac announced it would take a $357 million hit to cash earnings in its first half result based on currently ...

Design and distribution law set to impact property funds

ELIZABETH MCARTHUR  |  MONDAY, 29 APR 2019
The Property Funds Association (PFA) has called the alarm on the Government's recent introduction of product design and distribution obligations that are set to impact unlisted property funds. PFA says that the new legislation could result in fewer ...

NAB remediation bill hits $1.1bn

JAMIE WILLIAMSON  |  THURSDAY, 18 APR 2019
National Australia Bank has set aside an additional $525 million for customer remediation, more than 90% of which is in relation to its wealth operations. The total owing is now estimated at more than $1.1 billion. Announced today, the $525 million ...

Superannuation bills on hold

KARREN VERGARA  |  MONDAY, 15 APR 2019
Four key pieces of legislation, including the protection of young superannuation members and low-balance accounts from default insurance premiums, have been put on ice. Treasury Laws Amendment (Putting Members' Interests First) Bill 2019, a highly anticipated ...

Founder leaves SMSF Association

ELIZABETH MCARTHUR  |  FRIDAY, 12 APR 2019
The inaugural chief executive and one of the founding members of the SMSF Association is leaving its board. Andrea Slattery has announced she is stepping down from her role as a non-executive director on the SMSF Association board, effective April 18. ...

CBA, ASIC move to resolve AFSL conditions

KANIKA SOOD  |  WEDNESDAY, 10 APR 2019
ASIC has released the final compliance report on the conditions it placed on Commonwealth Financial Planning and Financial Wisdom in 2014. Commonwealth Bank has paid a further $2.3 million to 232 clients advised by five of its advisers, according to ...

Government bans superannuation funds treating employers

KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
New legislation has put an end to trustees incentivising employers to appoint them as their default superannuation fund. Part of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 1) Bill 2019 bans ...

ASIC outlines enforcement efforts

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
In the second half of last year ASIC brought criminal proceedings against nine individuals on 76 charges, with four people imprisoned as a result and $12.7 million imposed in civil penalties. ASIC also disqualified 28 directors and there were 72 instances ...

Banks push to leave vertical integration on the table

HARRISON WORLEY  |  WEDNESDAY, 10 APR 2019
Despite moving in the opposite direction for some time, Australia's banks want to leave the door ajar for a return to the much maligned vertical integration model. As the Senate Standing Committees on Economics probe a Pauline Hanson bill looking to ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
The prudential regulator's powers have been bolstered thanks to new laws that will enable it to take tougher action on trustees and underperforming funds. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation ...