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Interest rate cut may not come until 2025, experts warn

ELIZA BAVIN  |  TUESDAY, 19 MAR 2024
The Reserve Bank of Australia (RBA) is expected to keep interest rates on hold at 4.35% today but hopes for a rate cut around the corner may be off the table. In this month's Finder RBA Cash Rate Survey, 41 experts and economists weighed in on what ...

Mayfair 101 regains control of assets, liquidators abandon claims

JAMIE WILLIAMSON  |  MONDAY, 18 MAR 2024
The terms of a $44 million legal settlement reached between Mayfair 101, James Mawhinney and the liquidators of IPO Wealth Holdings have been released to the public. In July 2022, Mayfair 101, its managing director James Mawhinney, and the liquidators ...

Government dawdling on paid parental leave super: Greens

ANDREW MCKEAN  |  MONDAY, 18 MAR 2024
The Greens will propose changes to the government's Paid Parental Leave Bill (PPL) to ensure that superannuation is paid on PPL from July 1 this year. Earlier this month, the government announced that the PPL scheme will include superannuation guarantee ...

Australian Retirement Trust announces new investment strategy and options

ELIZA BAVIN  |  FRIDAY, 15 MAR 2024
Australian Retirement Trust (ART) has announced a range of changes to its investment strategy and options. ART chief of retirement, Kathy Vincent, said the fund engaged its members, advisers and employers to co-design the new investment menu. "When ...

AFCA secures $40m in refunds

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
The Australian Financial Complaints Authority (AFCA) said it helped secure more than $40 million in refunds for hundreds of thousands of consumers between July and December 2023. AFCAs Systemic Issues Insights Report revealed the 139,011 consumers received ...

HESTA names head of investment execution

KARREN VERGARA  |  WEDNESDAY, 13 MAR 2024
HESTA has appointed a former Citi director as its head of investment execution. Sophie Jelleff joins the $82 billion superannuation fund on April 8, working alongside the executive and investment management teams to shape and lead investment execution ...

Hostplus rejects anti-competitive behaviour claims

KARREN VERGARA  |  TUESDAY, 12 MAR 2024
Hostplus rejects claims it is promoting anti-competitive behaviour in attempting to ban human resources technology platforms from offering employees choice of superannuation funds at the onboarding process. Employment Hero chief executive Ben Thompson ...

Philip Lowe joins LIC board

KARREN VERGARA  |  TUESDAY, 12 MAR 2024
Philip Lowe announced his first move since leaving the Reserve Bank of Australia (RBA), joining the board of listed investment company Future Generation Australia (ASX: FGX). Lowe takes over from Mike Baird effective today, who will remain on the FGX ...

MetLife chair Geoff Brunsdon retires after 13 years

ELIZA BAVIN  |  TUESDAY, 12 MAR 2024
MetLife Australia has a new chair, while the former chief executive of an industry super fund is also joining the board. MetLife Australia announced the retirement of MetLife Insurance Limited chair Geoff Brunsdon, after serving on the board for 13 ...

ASIC, APRA issues more FAR guidance

KARREN VERGARA  |  MONDAY, 11 MAR 2024
APRA and ASIC have released more information about the Financial Accountability Regime (FAR) in preparation for the March 15 launch date. The regulators unveiled several key materials for the financial services sector, which were under consultation ...