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ASIC secures $160m in remediation over junk credit insurance

ALLY SELBY  |  THURSDAY, 14 MAY 2020
... insurance remediation to over $160 million for 434,000 consumers. "ASIC's work has ensured these remediation programs are not only consumer-focused but also robust," Chester said. "It's both unfair to consumers and ultimately costly to business to sell ...

ME Bank pays industry funds no dividends

ELIZABETH MCARTHUR  |  THURSDAY, 14 MAY 2020
... home loan products and promoting the bank on work sites. Asked how much ME Bank pays ACTU Member Connect, McPhee at first did not name an amount but he said the relationship was arms-length and purely commercial. Questioned again, he said $525,000 was ...

New fund listing cancelled

ELIZA BAVIN  |  THURSDAY, 14 MAY 2020
... plans due to the current environment. "The proposed listing of the credit fund on the ASX as announced in February 2020 will not proceed at present given the recent volatility in investment markets," the company said. The 360 Capital Credit Income Fund ...

Retirees hurt by APRA dividend pressure

ELIZA BAVIN  |  THURSDAY, 14 MAY 2020
... when they need it the most." Middleton said self-funded retirees have been "set adrift" during the pandemic because they have not received any cash handouts and seen asset values drop around 20% to 30%. "Adding to their pain, interest rates on term deposits ...

Adviser guilty of misuse of client money

ELIZA BAVIN  |  THURSDAY, 14 MAY 2020
... Adelaide-based Christopher Harris was banned from providing financial services for 10 years for providing advice that was not in the best interest of his clients and failing to provide statements of advice and fee disclosure statements. Melbourne-based ...

Chief economist update: Powell blamed for fall on Wall Street

BENJAMIN ONG  |  THURSDAY, 14 MAY 2020
Was it something I said? Yes sir, Mr. US Fed chair Jerome Powell, it was. Today's headlines not only infer, but blame your words for the fall on Wall Street overnight. The Wall Street Journal published: "The Dow Jones Industrial Average dropped ...

Mudslinging over FASEA extension continues

HARRISON WORLEY  |  WEDNESDAY, 13 MAY 2020
... educational extensions coming through," Kewin told Financial Standard. Senator Hume said Labor's claims of bipartisan support are not consistent with their actions. "Labor claims bipartisan support for the Bill, but is not prepared to pass the bill as ...

Challenger hires retail distribution lead

JAMIE WILLIAMSON  |  WEDNESDAY, 13 MAY 2020
... Confirming Cheetham's departure, a spokesperson for AMP said a replacement for the lead wealth management distribution role had not yet been appointed. Challenger's general manager of national accounts, research and platforms Rommel Hacopian recently ...

Morningstar downgrades two Vanguard funds to neutral

KANIKA SOOD  |  WEDNESDAY, 13 MAY 2020
... the cost of investing for four decades and will continue to do so," a spokesperson for the company said. "Fee changes are not decided overnight. Our process driven approach to determining which funds are eligible for fee changes takes time, as does ensuring ...

Processes are the problem, not people: Count Financial

ALLY SELBY  |  WEDNESDAY, 13 MAY 2020
The majority of the problems faced by practices in delivering advice efficiently can be attributed to process issues not people, according to Count Financial. Countplus acquired the Count Financial from the Commonwealth Bank late last year for just ...