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AMP confirms executive hire

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
... permanent basis, effective 3 February 2020. Georgeson was appointed acting chief financial officer after Moorhead decided not to take on the role from outgoing chief financial officer Gordon Lefevre. AMP said Georgeson will formally join AMP's group ...

The PDS is weak: Rice Warner

ELIZABETH MCARTHUR  |  MONDAY, 3 FEB 2020
... policy in-force," Rice Warner said. "The investment community used similar remuneration structures - in the 1980s, it was not uncommon to pay a fee of 8% of the purchase price to buy into a property trust." Therefore, one of the consequences of that ...

Amish community scammed

ELIZABETH MCARTHUR  |  MONDAY, 3 FEB 2020
An alleged fraudulent investment scheme has targeted the Amish community in the US, with the Securities and Exchange Commission now bringing charges. The SEC's complaint alleges Philip Riehl provided accounting services to Amish and Mennonite communities ...

Chief economist update:China prepares anti-viral injection

BENJAMIN ONG  |  MONDAY, 3 FEB 2020
... remains that the human population is afraid, very afraid. While the current stats indicate that 97.8% of those infected would not pass on the next life, the scare and the negative consequences on economic growth, especially China's, are equally scary ...

Ongoing fees, advice fees in super to be reformed

ELIZABETH MCARTHUR  |  FRIDAY, 31 JAN 2020
... legislation for recommendation 2.2 will require advisers and licensees to disclose in writing to the client where they are not independent and why that is so. Also under the microscope are advice fees in superannuation. Draft legislation will remove ...

AMP urged to mediate with advisers

ELIZA BAVIN  |  FRIDAY, 31 JAN 2020
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has urged AMP to formally commit to mediation as it moves to exit up to 250 financial planning businesses. Carnell said over 80 AMP advisers have visited her offices in the ...

SMSF data misleading: BGL

ALLY SELBY  |  FRIDAY, 31 JAN 2020
... managing director Ron Lesh said the way the data was presented was misrepresentative of the industry and its norms. "We are not disputing the data itself, we just think the way the data had been presented is misleading," he said. He argued that the figures ...

Chief economist update: It's a holiday for the Fed

BENJAMIN ONG  |  FRIDAY, 31 JAN 2020
... rate of 2.1% in December 2019 (from 1.1% in 2018) and the unemployment rate dropped to a 50-year low of 3.5% (from 3.9%). Not to mention, Wall Street's surge to record highs. However, inflation continues to ease and remains sub-target - headline ...

Sargon runs out of steam

KANIKA SOOD, JAMIE WILLIAMSON  |  THURSDAY, 30 JAN 2020
... The group also confirmed its chair, Robert Rankin, resigned on January 23. Rankin's resignation was intended before and not related to McGrath Nicol's appointment, Sargon said. None of Sargon's subsidiaries are in administration, it added. ...

Bearish sentiment bites Aussie investors

ALLY SELBY  |  THURSDAY, 30 JAN 2020
... US, we will see markets unravel pretty quickly because there are imbalances in financial markets." He said investors should not rely on recent past performance as an indicator for future success. "I worry about the Recency Effect; where investors anchor ...