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ASIC appeals Westpac Federal Court decision

JAMIE WILLIAMSON  |  MONDAY, 18 FEB 2019
... year's landmark Federal Court decision, determined to prove two Westpac subsidiaries provided personal financial advice despite not being licensed to do so. In December 2018, Justice Jacqueline Gleeson determined Westpac Securities Administration ...

Adviser asked to cover regulator costs

KANIKA SOOD  |  MONDAY, 18 FEB 2019
... contravention of section 911A of the Corporations Act between 29 April 2016 and 9 November 2018." Gardner and Advanced Wealth are not currently licensed nor authorised to provide financial services unless they hold, or are authorised by the holder of ...

Chief economist update: Where sentiment goes, there too is spending

BENJAMIN ONG  |  MONDAY, 18 FEB 2019
... have flat-lined over at least the past two years. Where consumer sentiment goes, there follow consumer spending. But maybe not, because the University of Michigan's survey also found that consumers' expected real income have surged to their highest ...

Industry funds wary of stapling default members

KANIKA SOOD  |  FRIDAY, 15 FEB 2019
... tick from industry funds. Visiting Sydney yesterday, Industry Super Australia chief executive Bernie Dean said stapling is not the solution to the problem of multiple accounts. "It will potentially worsen the problem for people who are stuck in a dud ...

Magellan eyes retirement income products

KARREN VERGARA  |  FRIDAY, 15 FEB 2019
... approach." One area it is looking at is retirement income; a large and growing area which Cairns described as one that is not easily solved. "Whilst we are making progress we are not finished and there is still a chance we may not get there," he said. ...

Government carves out super deal

HARRISON WORLEY  |  FRIDAY, 15 FEB 2019
The Government's signature superannuation legislation passed through the Senate, but not without victims. Last night the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 passed the Senate after a deal was struck with the Greens ...

MGP chief executive departs

KARREN VERGARA  |  FRIDAY, 15 FEB 2019
... to become acting group chief financial officer, will assume the role of acting chief executive if a suitable candidate is not appointed within three months. The board has commenced a search for a qualified and experienced executive to fill the chief ...

ClearView launches client-engagement guide

KANIKA SOOD  |  THURSDAY, 14 FEB 2019
... said their clients were engaged, while 17 % said they were disengaged and 16% said they were highly-engaged. About 4% did not know. Sixty one percent said the thing stopping them from focusing on client engagement was a lack of time, not desire. Almost ...

Perfect storm smashes AMP

HARRISON WORLEY  |  THURSDAY, 14 FEB 2019
... experiences. However, De Ferrari couldn't put an exact figure on how much smaller AMP's advice footprint would be. "We're not in a position right now to put precise percentages to that because the Royal Commission provides direction of travel ...

Canadian pension fund manager dumps Blue Sky

JAMIE WILLIAMSON  |  THURSDAY, 14 FEB 2019
... partnership would involve the deployment of capital over a multi-year period. Blue Sky said the impact of the termination is not considered material to its earnings Blue Sky's real assets division, which houses Blue Sky Water Partners, expects to still ...