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AustralianSuper ups admin fees

JAMIE WILLIAMSON  |  WEDNESDAY, 22 JAN 2020
... equates to $20 a year. The new fee brings total annual fees and costs payable on a $50,000 balance to $437. It will not apply to Choice Income or Transition to Retirement Income accounts. The new fee is in addition to the fund's existing administration ...

Job boom expected in 2020

JAMIE WILLIAMSON  |  MONDAY, 20 JAN 2020
Close to a third of wealth management organisations are looking to boost staff numbers this year, with sales roles expected to be most in demand. According to new figures from Super Recruiters, 32% of wealth management organisations expect to hire more ...

SGE extension could hurt small entities: FSC

HARRISON WORLEY  |  THURSDAY, 16 JAN 2020
... legislation seeking to extend the definition of significant global entities to ensure multinational tax avoidance rules apply to all relevant entities. In its submission to the government's consultation on exposure draft legislation extending the SGE ...

Credit Suisse backs sustainability amid Federer furore

ALLY SELBY  |  MONDAY, 13 JAN 2020
Investment bank and financial services powerhouse Credit Suisse has backed sustainability as the dominant investment theme of the coming decade, despite ongoing uproar around its investment in fossil fuels. The prediction comes as Australia's bushfire ...

Faith-based super fund increases fees

ELIZABETH MCARTHUR  |  FRIDAY, 10 JAN 2020
... costs than other funds may incur." Equity Trustees, the trustee for Crescent Wealth Super, will issue a new PDS that will apply from 1 February 2020 and no other fees are expected to change. In the notice to members, the trustee recognised that the 0.89% ...

FPA offers pro bono support to bushfire victims

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 JAN 2020
... critical incident and major events resource kit. The pro bono program is being finalised, those needing support will be able to apply in the coming weeks. It's just the latest in a range of initiatives from the industry reaching out to those impacted ...

Sophistication: More than money

ELIZABETH MCARTHUR  |  TUESDAY, 7 JAN 2020
... manner consistent with their level of financial understanding," Glenfield said. However, he reiterated that the code does not apply to genuine wholesale advice. David Lane - director, senior adviser and representative at Pitcher Partners Brisbane - said ...

FASEA responds to concerns

ELIZABETH MCARTHUR  |  FRIDAY, 20 DEC 2019
... On this point, FASEA said the code only applies to relevant providers - not the broader business entity. 5. Does the code apply to general advice? FASEA said no, it only applies to financial advisers and provisional financial advisers providing personal ...

Consultation opens for design, distribution guidance

HARRISON WORLEY  |  FRIDAY, 20 DEC 2019
... "principles-based" but also includes working examples, reflecting the intent of the Parliament to ensure firms are best placed to apply the regime within their product offerings and distribution processes. ASIC said its approach also reflects the obligations ...

18 misconceptions about FASEA code

ELIZABETH MCARTHUR  |  THURSDAY, 19 DEC 2019
... the code: "Nope, the regulators and courts will look to the guidance to establish the intention and objects of the Code to apply," he explained. Guidance is only needed if the code is ambiguous: Patterson said this is a confusion of legislation with ...