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Regulator clamps down on misleading ESG fund names

ELIZABETH MCARTHUR  |  WEDNESDAY, 4 MAR 2020
... has observed that some funds appear to treat terms such as ESG as an investment strategy (to which the names rule does not apply) and accordingly do not impose an 80% investment policy, while others appear to treat ESG as a type of investment (which ...

Cbus overhauls insurance offering

JAMIE WILLIAMSON  |  MONDAY, 2 MAR 2020
... it's not possible to have more TPD cover than death cover. From 1 April 2020, we're removing this restriction, so you can apply for the level of TPD cover you need," Cbus said. From February 1, Cbus also extended the timeframe during which members who ...

ASIC turns up the heat on enforcement

HARRISON WORLEY  |  THURSDAY, 27 FEB 2020
One year on from a Royal Commission lambasting, ASIC is continuing to increase its efforts to chasten large institutions for misconduct, latest enforcement activity numbers show. In its latest six monthly report into its enforcement and regulatory work ...

SMSF property adviser pleads guilty

ELIZA BAVIN  |  MONDAY, 24 FEB 2020
The director of a 'one-stop-shop' for SMSFs has pleaded guilty to 17 counts of aggravated deception and one count of dishonest dealings with documents. George Nowak, director of EJ Property Developments, formerly Charterhill, entered the guilty plea ...

China vaccinates against corona

BENJAMIN ONG  |  MONDAY, 24 FEB 2020
... outbreak, won't have to pay pensions, jobless and work-injury insurance until June." "Before the end of June, firms can apply for delaying their payments to the state-run housing provident fund and unpaid repay loans to the provident fund due to ...

Former AMP, Synchron adviser charged

HARRISON WORLEY  |  FRIDAY, 21 FEB 2020
A former AMP and Synchron financial adviser has been brought before the courts for allegedly using the retirement savings of clients to fund his own lifestyle. Townsville's Anthony Vivian Dick has been charged with 11 counts of dishonestly applying ...

Consultation on mortgage broker best interests duty opens

ALLY SELBY  |  THURSDAY, 20 FEB 2020
... broker. Stakeholders must also answer how mortgage brokers can act in a consumer's best interests when assisting a client to apply for a product when they have recommended another product. ASIC commissioner Sean Hughes said the consultation will provide ...

SMSFs interrupted in 2019: SuperConcepts

ELIZABETH MCARTHUR  |  WEDNESDAY, 19 FEB 2020
In providing a technical update, SuperConcepts general manager of technical services Peter Burgess has said many of the reforms set to impact SMSFs proposed last year are still yet to eventuate. Speaking at the 2020 SMSF Association conference, Burgess ...

Industry fund bumps up premiums

JAMIE WILLIAMSON  |  FRIDAY, 14 FEB 2020
... provided their date of disablement is on or after 1 April 2020 and they meet other eligibility criteria. This will also apply to those who are not working when their disablement occurs but have a formalised agreement to commence employment in the future. ...

FSC calls for CSLR claims cap

ALLY SELBY  |  FRIDAY, 14 FEB 2020
... Complaints Authority (AFCA) members. "Should the Government opt for a cross-subsidised CSLR, then cross-subsidisation should only apply to a broader general levy funded by all AFCA members where it is intended to be a resilience reserve. This general ...