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Pershing convicted for client breaches

ANNABELLE DICKSON  |  THURSDAY, 6 AUG 2020
... $25,000. In addition, Pershing pleaded guilty to a third breach when it failed to transfer $1044.65 into a trust account. It was not sentenced for this breach, but it was taken into account during sentencing. The Corporations Regulations mandates that ...

APRA spells out unlisted asset valuation standards

ANNABELLE DICKSON  |  THURSDAY, 6 AUG 2020
... Industry Supervision act." APRA deputy chair Helen Rowell explained that the accounting standard in valuing unlisted assets is not particularly prescriptive, so the regulator's focus is on understanding the process trustees used to come to the valuation. ...

UK competition watchdog blocks merger

ANNABELLE DICKSON  |  THURSDAY, 6 AUG 2020
... Authority, which opened on 11 November 2019, ordered FNZ to maintain and operate its business and that of GBST separately and not take any action which might impair our ability to compete independently," they said. "We have yet to see how the CMA's findings ...

Chief economist update: The V in recovery

BENJAMIN ONG  |  THURSDAY, 6 AUG 2020
Were it not for the "second wave" now doing the rounds in a number of cities around the world, the letter "V" would now be standing for "victory" against the war on COVID-19. The gradual easing of restrictions has unfrozen social and business activity ...

SG increase will be deferred: Knox

ELIZA BAVIN  |  WEDNESDAY, 5 AUG 2020
... expects very limited wage increases over the next couple of years and believes while that wage growth remains subdued it will not be appropriate to increase the super guarantee. Cbus group executive brand, advocacy, marketing and product Robbie Campo ...

Vanguard funds downgraded by Morningstar

KANIKA SOOD  |  WEDNESDAY, 5 AUG 2020
Four Vanguard funds totaling $17 billion in funds under management had their ratings slashed at Morningstar this week, as they had their first review under the ratings house's new methodology. The Vanguard Growth Index Fund ($5.6 billion), the Vanguard ...

ASIC slammed over SMSF data

ANNABELLE DICKSON  |  WEDNESDAY, 5 AUG 2020
... "When you look at our media release that we do highlight amongst other things, that this data is no longer current and should not be relied on," he said. "In time, there will be updates and further refinements of the data that I think is the best way ...

Bain Capital begins restructure reckoning

ALLY SELBY  |  WEDNESDAY, 5 AUG 2020
... administration on April 21. While Virgin has entered a binding sale agreement for the business with Bain Capital, the sale is not yet complete. Bain Capital has proposed a Deed of Company Arrangement as its preferred method of implementation, set to ...

Big companies dig deep

ELIZA BAVIN  |  WEDNESDAY, 5 AUG 2020
Australian corporates have contributed over $150 million to support the community during COVID-19, according to new analysis form Strive Philanthropy. The research focused in on Australia's 50 leading corporate givers from its latest GivingLarge dataset ...

Chief economist update: The RBA's lullaby

BENJAMIN ONG  |  WEDNESDAY, 5 AUG 2020
... very difficult period and is experiencing the biggest contraction since the 1930s. As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia." "This recovery is, however, likely to ...