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Who foots the bill when super funds merge?

KANIKA SOOD  |  WEDNESDAY, 4 SEP 2019
Who pays the costs of a merger, REST chair Ken Marshman asked panelists involved in superannuation mergers at the Australian Superannuation Investment Conference yesterday. The panel discussed how mergers will impact the investment strategy of superannuation ...

Intra-fund advice must improve: Rice Warner

HARRISON WORLEY  |  WEDNESDAY, 4 SEP 2019
Superannuation funds have failed to solve the problems around access to financial advice, and both members and the funds themselves will suffer until they do, according to Rice Warner. The research house has struck the superannuation industry for failing ...

Advice firm defrauds retired NFL players

JAMIE WILLIAMSON  |  TUESDAY, 3 SEP 2019
... firm advertised the funds would invest in a variety of instruments but in fact invested almost exclusively in settlement advance loans to more than 70 of Howard's NFL class action clients. Close to $1 million of the funds were used by Howard to pay his ...

Industry fund overhauls fee structure

KARREN VERGARA  |  THURSDAY, 15 AUG 2019
... "We may vary the fees without your consent but where required to, will provide you with at least 30 days' notice in advance of any increases to fees and costs," the updated PDS shows. Under the old structure, the fund used to charge ICRs on the following ...

Advisers to bear brunt of AMP failings

JAMIE WILLIAMSON  |  FRIDAY, 9 AUG 2019
AMP advisers planning to exercise their Buyer of Last Resort (BOLR) arrangements look set to have their business valuations slashed as part of the institution's new strategy. AMP chief executive Francesco De Ferrari said the group will look to recalculate ...

On track: APRA reveals RC progress

HARRISON WORLEY  |  THURSDAY, 8 AUG 2019
APRA is on track to meet its deadlines to implement the recommendations stemming from the Royal Commission. The prudential regulator has revealed its responses to each of the 10 recommendations relevant to APRA following the release of Kenneth Hayne's ...

JANA hires quantitative applications lead

KARREN VERGARA  |  WEDNESDAY, 7 AUG 2019
... chief executive and principal consultant at PortfolioMetrics for almost two years before he moved to JANA in July to help advance its quantitative analytical capabilities. Prior to PortfolioMetrics, Watt was head of investment risk at Victorian Funds ...

Open Banking gets another shot in parliament

ELIZABETH MCARTHUR  |  WEDNESDAY, 24 JUL 2019
The Morrison Government is reviving its Consumer Data Right bill - which includes the Open Banking changes that would give consumers access to and control of their own financial data. The bill was reintroduced to Parliament and read today. Treasurer ...

GROW Super unveils admin platform

KARREN VERGARA  |  THURSDAY, 4 JUL 2019
... executive Josh Wilson said TINA is a "game changer for the superannuation industry." This investment enables GROW Super to advance the operational structures required to deliver the high-quality platform to the market in Australia and overseas, Wilson ...

Xplore Wealth launches new solution

HARRISON WORLEY  |  WEDNESDAY, 3 JUL 2019
In its first major move since rebranding, Xplore Wealth launched a new wrap platform. The first major product initiative since shedding its managedaccounts.com.au branding earlier this year, Xplore Wrap is Xplore Wealth's new platform offering to advisers ...