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Queensland-based AFSL suspended

ELIZABETH MCARTHUR  |  TUESDAY, 10 SEP 2019
ASIC has suspended the AFS licence of a Queensland-based financial advice practice over concerns it was not meeting its obligations as a licensee. The regulator said Financial Options Pty Ltd failed to lodge its accounts and audit report for the year ...

AFCA ombudsman addresses adviser concerns

KRISTI CHENG  |  TUESDAY, 10 SEP 2019
... advising the steps they had taken to locate the records, and confirming the records no longer exist. A lack of records does not necessarily mean one party or the other will lose, he said. Rather, they will look at other contemporaneous evidence, and ...

Suitability of managed accounts grows

HARRISON WORLEY  |  TUESDAY, 10 SEP 2019
Managed accounts are becoming more suitable for a broader range of clients, attendees of the 2019 Financial Standard Managed Accounts Best Practice Forum have heard. Speaking at Financial Standard 's Managed Accounts Best Practice Forum in Sydney this ...

Chief economist update: Germany in the budget's shadow

BENJAMIN ONG  |  TUESDAY, 10 SEP 2019
... the federal government will be forbidden to run a structural deficit of more than 0.35% of GDP. From 2020, the states will not be permitted to run any structural deficit at all." Germany's GDP amounted to around US$4 trillion in 2018 - meaning that ...

Statewide still keen on mergers

KANIKA SOOD  |  MONDAY, 9 SEP 2019
... risk involved in it," he said. The fund is in the processes of having multiple conversations about potential mergers but is not considering any one partner in particular at the time, Eastwood said. Eastwood said the fund's decision to combine its ...

IFM Investors executive departs

KANIKA SOOD  |  MONDAY, 9 SEP 2019
... International Port and Deep Container Terminal Gdansk. We wish him all the very best for the future." IFM's statement did not reference the sexual harassment claim. Nathalie Abildgaard, an associate on IFM's infrastructure equity team filed a ...

Northern Trust embroiled in YouTube fundie saga

ELIZABETH MCARTHUR  |  MONDAY, 9 SEP 2019
... August, Link Fund Solutions (the authorised corporate director of the suspended Woodford Equity Income Fund) confirmed it does not expect the suspension of the fund to end until at least December. Link said in a statement: "We appreciate that the ongoing ...

Chief economist update: Fed has Trump's trade war number

BENJAMIN ONG  |  MONDAY, 9 SEP 2019
It's not me, it's you! Yes Virginia, you, I and Irene are very well aware of US president Donald J. Trump's Twitter attacks on the Fed. The last, most significant one was right after US Federal chair Jerome Powell's speech at Jackson ...

Priced out: Advice affordability at risk

ELIZABETH MCARTHUR  |  MONDAY, 9 SEP 2019
... as product failures," Ardino said. "The recently announced legislation to remove trailing commissions from the industry has not given due weighting to the fact that commissions act as a vital funding mechanism for Australians who cannot afford to pay ...

Adviser cops 262 month jail sentence

JAMIE WILLIAMSON  |  FRIDAY, 6 SEP 2019
... counts of wire fraud, bank fraud and money laundering. Although he pleaded guilty at the time, the court determined he was not entitled to a reduced sentence as a result of his attempts to obstruct justice.