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ASIC winds up three financial services companies

ELIZA BAVIN  |  WEDNESDAY, 8 APR 2020
... of the companies are ongoing. The regulator cancelled the AFSL of Marigold Falconer in August 2016 when the regulator was not satisfied that it could obtain insurance cover for the services it was authorised to provide. Marigold Falconer had its AFSL ...

Not safe to launch: APRA

HARRISON WORLEY  |  WEDNESDAY, 8 APR 2020
APRA will not issue a new superannuation licence any time within the next six months, with the prudential regulator keen to avoid the early failure of new super funds at the hands of COVID-19. APRA has suspended the issuance of new licences to budding ...

Super should shape up on unlisted valuations: WTW

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 APR 2020
... unlisted asset owners manage the valuation process," Kelly said. "The bottom line is that any decision on valuations, including not doing anything, needs a governance overlay." Super fund fiduciaries face a quandary of maintaining a medium to long-term ...

Trillion dollar stimulus debt debated

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 APR 2020
... unemployed by the crisis, have been finalised over the past two weeks. Labor leader Anthony Albanese said his party would not block the stimulus package but noted that the Treasurer has the power to adjust who is eligible for the JobKeeper payment. "It ...

Fiducian grows adviser network

ELIZA BAVIN  |  WEDNESDAY, 8 APR 2020
... first". Fiducian said financial services are in high demand as anxious investors try to navigate the COVID-19 crisis, impacting not only millions of lives through health concerns but furthermore on the economic marketplace. "Since January the world has ...

Chief economist update: COVID-infected Aussie stats trickle in

BENJAMIN ONG  |  WEDNESDAY, 8 APR 2020
... factoring in the disruptions to supply chains around the world. To paraphrase Governor Lowe's statement, Australia may not be able to avoid a recession this time, but the coordinated monetary and fiscal response would keep it shallow.

Stimulus is finite: Prime Minister

ELIZABETH MCARTHUR  |  TUESDAY, 7 APR 2020
... "One is the peak and the other is the breadth. The states and territories and I are conscious that the path out of this is not just about avoiding the peak but being able to get back to some sense of normality that will allow the economy to support Australians ...

NFP super fund performance revealed

JAMIE WILLIAMSON  |  TUESDAY, 7 APR 2020
While the ASX fell close to 30% in March, Rainmaker analysis shows the investments returns for 15 of Australia's leading not-for-profit superannuation funds weren't nearly as bad. Latest analysis from Rainmaker shows the average investment return for ...

Open banking to charge on

ELIZA BAVIN  |  TUESDAY, 7 APR 2020
... reform, and greatly improved competition in financial services will be the Consumer Data Rights (CDR) initiative. "We may not know when the gains from CDR will kick in, but we can be certain they will be profound," Sims said. "I Have no doubt, this is ...

The catalysts for a rebound

ELIZA BAVIN  |  TUESDAY, 7 APR 2020
As global markets begin to simmer down, there are three catalysts that can cause a rebound in emerging markets debt, according to Eaton Vance. The investment company said global markets have settled into a more normal, high volatility environment from ...