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Labor commits $400m to gender super gap

JAMIE WILLIAMSON  |  WEDNESDAY, 19 SEP 2018
... add $400 million to the super balances of women in receipt of Commonwealth Paid Parental Leave entitlements. It will also apply to those receiving Dad and Partner Pay payments. Currently, women who take time out of work to have children are entitled ...

Former Macquarie advisers banned

JAMIE WILLIAMSON  |  WEDNESDAY, 19 SEP 2018
Two former Macquarie financial advisers received ASIC bans for dishonest conduct, including deliberate attempts to mislead the institution's compliance team. Mark Alexander Landau and Marcus Roderick Campbell have both been banned from providing financial ...

New accounting standards put pressure on life insurers

KARREN VERGARA  |  THURSDAY, 13 SEP 2018
... International Financial Reporting Standard 9 (Financial Instruments). From the 1 January 2021 reporting period, the standards will apply to the life and general sector. Commenting on the local results, KPMG Australia insurance partner Scott Guse said ...

New code should apply to all: ABA

HARRISON WORLEY  |  FRIDAY, 7 SEP 2018
The Australian Banking Association (ABA) believes the new Banking Code of Practice standards should be adopted across the entire industry, including banks that are not ABA members. According to the association, the standards between credit unions, buildings ...

Trustees caught in a balancing act

KARREN VERGARA  |  THURSDAY, 6 SEP 2018
... It's not one that's so cautious and risk averse that becomes "paralysed" about taking risks, he said. It needs to apply acumen, knowledge and business judgment and weigh up all relevant factors in understanding those risks. Trustees have to exercise ...

Confidence remains in face of regulatory headwinds

JAMIE WILLIAMSON  |  FRIDAY, 31 AUG 2018
... services. They are looking for a true partner. One that understands the benefits of new technology and can successfully apply it to provide rapid access to meaningful data to help them with their business decisions through advanced analytics," head of ...

Industry fund cuts admin fee

KANIKA SOOD  |  THURSDAY, 30 AUG 2018
... these fees will also be reduced by a 15% tax rebate passed on to members," UniSuper said in a statement. The changes only apply to accumulation products. They come into effect October 1. UniSuper members with balances higher than $4800 will continue ...

Future Fund delivers 9.3%, increases risk moderately

KANIKA SOOD  |  WEDNESDAY, 29 AUG 2018
... the reasons why you would invest in Australian stocks," Neal said. "As I understand it, if any change occurs, it will not apply to the Future Funds or the industry funds." He said he expects the big four banks to raise rates out of the cycle, as their ...

BT overhauls life cover limits and definitions

JAMIE WILLIAMSON  |  WEDNESDAY, 29 AUG 2018
BT has announced a raft of enhancements to its Protection Plans products, including updated medical definitions and increased life insurance cover for farmers and homemakers. Previously capped at $3 million, farmers will now be able to access up to ...

More risk advisers offloading practices

KARREN VERGARA  |  WEDNESDAY, 29 AUG 2018
... because no Fee Disclosure Statement (FDS) was required and the opt-in requirement for new clients from 1 July 2013, didn't apply. Even some major banks that used to lend on this asset class have done a back-flip and now don't lend against these ...