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Government introduces financial literacy strategy

KARREN VERGARA  |  WEDNESDAY, 22 AUG 2018
The Federal Government launched an initiative to empower Australians with financial literacy and help them take control of their finances. ASIC, together with Revenue and Financial Services Minister Kelly O'Dwyer, unveiled the National Financial Capability ...

YBR rejects 'opportunistic' takeover bid

KARREN VERGARA  |  TUESDAY, 21 AUG 2018
Yellow Brick Road has rejected a takeover bid claiming the offer price was too low and "opportunistic." Mercantile OFM (a wholly owned subsidiary of ASX-listed Mercantile Investment Company) yesterday submitted an off-market takeover bid to ASIC to ...

Advisers can help democratise philanthropy

KARREN VERGARA  |  FRIDAY, 17 AUG 2018
Retail investors are fuelling changes in the philanthropic sector that present business development opportunities for the financial advice and wealth management industries, according to an expert. State Street Global Advisors SPDR head of practice management ...

Chief economist update: Don't mind the gap

BENJAMIN ONG  |  FRIDAY, 17 AUG 2018
... number matches exactly the OECD's estimate of Australia's NAIRU (non-accelerating inflation rate of unemployment). Yes, Virginia, the unemployment rate gap has closed and very soon you, I and Irene would be able to ask (and be given, crossed ...

AMP incorrectly charged more than $26 million: Royal Commission

HARRISON WORLEY  |  THURSDAY, 16 AUG 2018
... for the capital expense recovery issue and about $23 million for the rebate issue, with the issues extending back to 2014. "Yes, that's correct, there were fees charged that shouldn't have been," Sansom said. With respect to the fee rebate, Sansom ...

Intra-fund advice conflicted: Royal Commission

KARREN VERGARA  |  THURSDAY, 16 AUG 2018
Colonial First State admitted to falling below community standards when it crafted poor communication to super fund members to dissuade them from moving to a cheaper default option. One financial adviser was banned in the process, the Royal Commission ...

ANZ grilled over Smart Choice sales

JAMIE WILLIAMSON  |  THURSDAY, 16 AUG 2018
... Refuting Pankhurst's view, Hodge said there was more to it as ANZ wants people to take the product up. "That's correct, yes... It's making them aware of it, they've indicated to get to that point that they would be interested in that ...

Hayne sees red over failed merger

KARREN VERGARA  |  THURSDAY, 16 AUG 2018
Commissioner Kenneth Hayne slammed two industry funds for reneging a potential merger that had clear benefits for members after finding executives were worried their roles were on the line. Talks of a serious merger between Catholic Super and the Australian ...

Entertainment spend retains members: Hostplus

KARREN VERGARA  |  WEDNESDAY, 15 AUG 2018
The Royal Commission has questioned whether splurging on client entertainment is in the best interest of super fund members. Hostplus chief executive David Elia took to the witness stand on the issues of substantiating corporate expenses and multiple ...

Poor systems delay MySuper transitions: CFS

KARREN VERGARA  |  WEDNESDAY, 15 AUG 2018
... dealer groups receive is also under consideration. Hodge asked if was simply possible to terminate trailing commissions? "Yes," Elkin said. This was something that was never considered before the Royal Commission, she added. Yesterday, the commission ...