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Performance test comms criticised

JAMIE WILLIAMSON  |  FRIDAY, 24 JUN 2022
ASIC is warning super trustees to ensure they communicate upcoming performance test outcomes correctly to members, saying some of the funds that failed the test last year also failed to adequately inform members. The regulator has reviewed the performance ...

Apex Group wins fund admin mandate

CASSANDRA BALDINI  |  FRIDAY, 24 JUN 2022
Apex Group has announced its appointment by Octopus Investments Australia to service its funds structured around renewables investments. The global financial services provider will deliver Octopus Australia with fund administration, investor onboarding ...

NSW to introduce options for first home buyers

CASSANDRA BALDINI  |  TUESDAY, 21 JUN 2022
From January 2023 first home buyers in New South Wales will have the option of paying stamp duty or an annual land tax under proposed reforms. The plan, announced in the 2022-23 NSW budget, will see first home buyers purchasing a home up to the value ...

Westpac outlines new social initiatives

CHLOE WALKER  |  MONDAY, 20 JUN 2022
The initiatives have a strong focus on women's financial security, including increasing home ownership rates among females. Westpac has expanded eligibility for its existing Lender's Mortgage Insurance (LMI) Waiver to include more health professions. ...

Former adviser wins appeal, convictions quashed

JAMIE WILLIAMSON  |  MONDAY, 20 JUN 2022
A former adviser who was found guilty of fraud and sentenced to 12 years in prison in 2019 will have his case retried, having successfully argued there was a miscarriage of justice. Ben Jayaweera was a financial adviser and director of now-defunct Growth ...

Mason Stevens hires interim head of fixed income

ELIZABETH FRY  |  FRIDAY, 17 JUN 2022
... director of the bank's structured finance business. Baume has also worked as a consultant for organisations such as Boomer Home Loans, iLex and Darling Macro. Commenting on the appointment, Mason Stevens chief executive Tim Yule called Baume one ...

AIST names Rising Star

JAMIE WILLIAMSON  |  WEDNESDAY, 15 JUN 2022
A TelstraSuper investment analyst has taken home the Australian Institute of Superannuation Trustees' Investment Rising Star Award. Caroline Stuart was honoured on day two of the ASI Conference, with AIST chief executive Eva Scheerlinck describing ...

Superhero, Swyftx in $1.5bn merger

CASSANDRA BALDINI  |  WEDNESDAY, 8 JUN 2022
Superhero and Swyftx will merge to establish a $1.5 billion financial services giant with over 800,000 customers. The partnership between digital asset broker Swyftx and share trading and investment and superannuation platform Superhero is expected ...

Banks flag imminent consecutive double rate rises

ANDREW MCKEAN  |  WEDNESDAY, 8 JUN 2022
... hike in the next two months. Quickly following the RBA's announcement, Westpac pushed the hike through, raising its variable home late rate by the full 50 basis points. To date, it's the only big four bank to react to the move. RateCity research director ...

Cbus, Hostplus take out customer satisfaction awards

CHLOE WALKER  |  WEDNESDAY, 8 JUN 2022
... of the year, while Hostplus won Major Superannuation Fund of the Year. This was the first time either super fund has taken home one of Roy Morgan's accolade. The awards, now in their 10th year, highlight Australian businesses within banking and finance ...