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HUB24 FUA up on acquisitions

ANNABELLE DICKSON  |  TUESDAY, 20 APR 2021
The platform has recorded a significant increase in funds under administration (FUA) as it integrates its recent acquisitions into the business. HUB24's total FUA has reached $51.4 billion with Xplore Wealth contributing $17.2 billion to this figure. ...

Chief economist update: Copper 10,000

BENJAMIN ONG  |  TUESDAY, 20 APR 2021
... the current price of US$9,415.00, copper's only 5.9% away and won't be long till it breaks above its decade peak -- not a tall ask given current strong upward momentum and strong underlying fundamentals. Economic activity in most parts of the ...

Government opens consultation on key advice reforms

JAMIE WILLIAMSON  |  MONDAY, 19 APR 2021
... reasonably believes that a financial adviser has breached their obligations under the Corporations Act, and for which ASIC does not make, or propose to make, a banning order". The panel may also issue an infringement notice or recommend ASIC seek a civil ...

Mainstream moves forward with SS&C

ANNABELLE DICKSON  |  MONDAY, 19 APR 2021
Mainstream is pursuing a scheme of arrangement with SS&C Technologies Holdings after Vistra missed its deadline to match or provide a superior offer. The Mainstream board unanimously recommends the SS&C proposal on the basis that it is a superior offer ...

Mawhinney banned for 20 years

ELIZABETH MCARTHUR  |  MONDAY, 19 APR 2021
... disregard for financial services laws and, as a consequence, places the public at great risk of financial loss should Mr Mawhinney not be restrained by the form of injunction sought by ASIC," he said. Mawhinney has continued to defend himself through ...

FSC proposes new advice model

KARREN VERGARA  |  MONDAY, 19 APR 2021
... further breaks down to specialised advice. Backing this model, the FSC said: "With many consumers receiving financial advice not understanding whether that advice is personal advice or general advice, reform of the model is needed. Almost three out of ...

Granny flat tax exemption to become law

ANNABELLE DICKSON  |  MONDAY, 19 APR 2021
... gains tax (CGT) exemption for formal granny flat arrangements. Assistant treasurer Michael Sukkar under the measure CGT will not apply to the creation, variation or termination of a formal written granny flat arrangement providing accommodation for older ...

Chief economist update: Bubble, bubble getting out of trouble

BENJAMIN ONG  |  MONDAY, 19 APR 2021
... bubble marks a fresh and significant step into normalising life after the COVID-19 pandemic. Both economies stand to gain. Not only would the re-opening of borders sans quarantine re-start postponed reunions and visits t families and friends on both ...

Regulator frets over SPAC boom

ELIZABETH MCARTHUR  |  FRIDAY, 16 APR 2021
... future acquisition of a private company. The SEC is concerned that SPACs circumvent some investor protections because they are not subject to all the same securities law liabilities as a vanilla initial public offering. "First, and most directly, all ...

Delay breach reporting law: AFA

KARREN VERGARA  |  FRIDAY, 16 APR 2021
... penalties should be increased for failure to report as and when required. ASIC should publish breach report data annually not only aggregated by breach type but also by individual licensee, Hayne suggested. One main issue the AFA highlighted is that ...