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New boutique strikes partnership

KANIKA SOOD  |  THURSDAY, 1 OCT 2020
A boutique set up by a former Ellerston Capital investment analyst is teaming up with Sydney's LSL Partners under a revenue share arrangement. Coterie Capital was formed by Daniel Pi, who worked on Ellerston's investment team. It is starting with an ...

82% of advisers pass August FASEA exam

ELIZABETH MCARTHUR  |  THURSDAY, 1 OCT 2020
... executive Stephen Glenfield said. "Over 11,180 advisers have sat the exam with nine in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam." ...

BABL named, shamed over Great Southern

ELIZABETH MCARTHUR  |  WEDNESDAY, 30 SEP 2020
... as debt collection practices and the treatment of customers experiencing financial difficulty. The BCCC has the power to apply sanctions to code subscribing banks that commit breaches, including naming the bank in their annual report. This is the first ...

Real estate manager launches fresh fund

ALLY SELBY  |  TUESDAY, 29 SEP 2020
An ASX-listed real estate investment manager has established a new managed fund, following the acquisition of a regional shopping centre in NSW for $60 million. Elanor Investors Group has launched the Riverside Plaza Syndicate after acquiring the Riverside ...

FCA reviews regulation of foreign financial services firms

KARREN VERGARA  |  FRIDAY, 25 SEP 2020
... in this consultation, rather aims to hear views on how it will assess foreign firms against minimum standards when they apply for authorisation. EEA firms that have notified their intention to enter the UK's Temporary Permissions Regime (TPR) will be ...

Responsible lending laws to be revoked

ANNABELLE DICKSON  |  FRIDAY, 25 SEP 2020
... sound credit assessment and approval criteria. The government will adopt key elements of APRA's ADI lending standards and apply them to non-ADIs. Other key elements of the reforms include allowing lenders to rely on the information provided by borrowers ...

Westpac reaches $1.3bn AUSTRAC deal

ELIZA BAVIN  |  THURSDAY, 24 SEP 2020
... "Westpac's failure to implement effective transaction monitoring programs, and its failure to submit IFTI reports to AUSTRAC and apply enhanced customer due diligence in relation to suspicious transactions, meant AUSTRAC and law enforcement were ...

ASIC provides relief to Victorian advisers

ALLY SELBY  |  TUESDAY, 22 SEP 2020
... of 962S for pre-FOFA clients, only those with a fee disclosure statement (FDS) due between August 2 and October 26 will apply for the no-action, or for an instance where the FDS has not been given to the client on, or prior to, October 26 and it is given ...

Hostplus can't be killed: Sicilia

ELIZABETH MCARTHUR  |  FRIDAY, 18 SEP 2020
... Sicilia shared Hostplus' stress-testing scenarios for adverse events that require liquidity. "These are five scenarios that we apply cumulatively... and the question is does the fund survive?" Sicilia said. The first of those scenarios was 10% of the ...

Advice too expensive, hard to access: FPA

ALLY SELBY  |  WEDNESDAY, 16 SEP 2020
New research has revealed COVID-19 has altered Australian spending behaviour, with more households in a fragile financial position than ever before and facing reduced access to financial advice. The research from CoreData, presented at the Financial ...