Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 651 - 660 of 4007 results for "Accounts"

BNPL to be regulated under Credit Act

CASSANDRA BALDINI  |  MONDAY, 22 MAY 2023
... story" which has created many opportunities across the Australian economy. "There are now around seven million active BNPL accounts in Australia. The average BNPL consumer uses it for 18.2 transactions per annum, with an average transaction amount of ...

ASIC issues stop orders to Saxo

CASSANDRA BALDINI  |  FRIDAY, 19 MAY 2023
... said. The interim orders prohibited Saxo from issuing eight types of derivatives to retail clients and opening trading accounts for new retail clients to trade in those derivatives. The derivatives included single stock CFDs, FX CFDs, ETFs CFDs, Index ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
... serious, wrongful behaviour", noting "the deceased members affected were vulnerable, obviously unable to monitor their accounts and were entirely reliant on the representatives of their estates." ASIC deputy chair Sarah Court said: "The AMP companies ...

Super fund blunder likely down to bad data: Podcast

CASSANDRA BALDINI  |  THURSDAY, 18 MAY 2023
... the root cause lays in data entry. The recent case of AustralianSuper refunding 100,000 members it had held multiple accounts for had many questioning how such a significant error could occur given existing legislative requirements related to intra-fund ...

Super funds must prioritise member experience: Consultant

ANDREW MCKEAN  |  WEDNESDAY, 17 MAY 2023
... notes some superannuation funds are adopting robotic process automation tools. These tools assist in monitoring super accounts, accessing research reports, and helping members make better financial transactions. "Superannuation funds that plan to leverage ...

Abolishing FDSs a major win: Panel

KARREN VERGARA  |  TUESDAY, 16 MAY 2023
... Instead, she wrote, advisers should provide a single annual consent form to authorise fees deducted from clients' accounts. Overhauling the formidable ongoing fee consent arrangements and consent requirements would be a quick win for financial advisers ...

AustralianSuper mistake spurs call for regulatory intervention

ANDREW MCKEAN  |  MONDAY, 15 MAY 2023
... handling processes in the wake of AustralianSuper refunding $70 million to approximately 100,000 members who held multiple accounts with the fund. Last week, AustralianSuper, Australia's largest super fund, admitted to not following the rules concerning ...

AustralianSuper to refund 100k members

CHLOE WALKER  |  FRIDAY, 12 MAY 2023
... AustralianSuper will refund $70 million it overcharged 100,000 members after it failed to detect that they had multiple accounts. The country's largest superfund has self-reported itself to regulators after realising it overcharged current and former ...

Adviser PI premiums up 40%: APRA

JAMIE WILLIAMSON  |  THURSDAY, 11 MAY 2023
... increase in risk counts. While increases differed across occupation groups and subgroups, the Financial category - which accounts for accountants, financial advisers and brokers/dealers - all saw an average premium increase of at least 40%. "For Financial ...

How this budget was built

ALEX DUNNIN  |  TUESDAY, 9 MAY 2023
... coking coal and rural outputs. Recall that while the commodities sector is just 22% of Australia's $2 trillion GDP, it accounts for almost 70% of national exports. As a result, the 9% increase in expected tax receipts for 2022-23 over 2021-22 and ...