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Chief economist update: The back-to-back rate cuts Australia has to have

BENJAMIN ONG  |  WEDNESDAY, 3 JUL 2019
I have a confession to make, I was a closet "no RBA rate cut in July" speculator, going against the 'Big Four' banks and financial market expectations that it would... cut interest rates by another 25 bps at its July 2019 board meeting. So soon ...

Whistleblowers given new protection

ELIZABETH MCARTHUR  |  WEDNESDAY, 3 JUL 2019
... are designed to encourage whistleblowers to come forward to the company or ASIC to raise their concerns. The protections apply to those who observe or are affected by corporate misconduct and may face reprisals for reporting it. This covers both current ...

Super fund introduces further group insurance changes

KARREN VERGARA  |  MONDAY, 1 JUL 2019
... income protection claims, the super fund said. "To recognise this, we have introduced gender-based pricing." Members can apply for an early release of insured death benefits if they suffer from an illness that will lead to death within 12 months. This ...

Bristol Street adviser banned

ELIZABETH MCARTHUR  |  FRIDAY, 28 JUN 2019
... Bristol Street Financial Services. Muscat developed an 'insurance needs calculation template' which recommended clients apply for levels of insurance that were higher than what they actually needed. ASIC said in many cases, his recommendations were at ...

Industry funds up premiums

KARREN VERGARA  |  FRIDAY, 28 JUN 2019
... price of their group insurance cover in light of the new legislation. From 1 July 2019, GuildSuper and Childcare Super will apply new premiums, representing increases of about 9.2% for death, 25.2% for TPD and 34.9% for income protection. The significant ...

Pension giant awards $1bn in mandates

JAMIE WILLIAMSON  |  THURSDAY, 27 JUN 2019
... sustainable investment and stewardship strategies Kirsty Jenkinson said. The firms offer geographic diversification and apply analytical rigour in incorporating environmental, social and governance factors into fundamental analysis while maintaining ...

ASIC product intervention to commence

JAMIE WILLIAMSON  |  THURSDAY, 27 JUN 2019
... or made permanent thereafter. The powers fall under the design and distribution obligations enacted in April which do not apply until April 2021. However, the product intervention power is available to ASIC now. The powers are not intended to be used ...

OnePath updates trauma definitions

KARREN VERGARA  |  MONDAY, 24 JUN 2019
... the most up-to-date and optimal trauma definitions are being used. Some policies dated back to 1988. The new definitions apply to new events from 1 December 2018. Zurich head of OnePath propositions and group life Gerard Kerr said this project demonstrates ...

MetLife appoints new distribution lead

ELIZABETH MCARTHUR  |  WEDNESDAY, 19 JUN 2019
... resulted in MetLife becoming the third largest insurer in the Australian group market. "This new role is an opportunity to apply her skills and experience in distribution with a customer lens," he added. "We need someone always championing our customers ...

Superannuation fund tweaks fees

KARREN VERGARA  |  THURSDAY, 13 JUN 2019
... 0.20% expense recovery cost capped at $914.22. The new laws will also ban exit fees, which the fund charges at $52, and apply a 3% fee cap for account balances with $6000 or less. Christian Super chief executive Ross Piper said: "As a profit-to-member ...