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Bill Gross announces retirement

JAMIE WILLIAMSON  |  TUESDAY, 5 FEB 2019
After more than 40 years in fixed income, Bill Gross is retiring to focus on managing his personal assets and private charitable foundation. Janus Henderson has announced the retirement of Gross, who joined the global asset manager in 2014, then Janus ...

Superannuation to face BEAR: Hayne

KARREN VERGARA  |  TUESDAY, 5 FEB 2019
... with due skill, care and diligence. There is no reason why directors and senior executives of superannuation funds should not be subject to similar statutory obligations imposed on members of the board and banking executives by the BEAR, he said. Hayne ...

Hayne stops short of dismantling vertical integration

HARRISON WORLEY  |  TUESDAY, 5 FEB 2019
... vertical integration model. The Commissioner also said that if the costs of employing professional financial advisers did not reduce (or continued to increase) as the regulation of the advice industry increases in the coming years, the trend away from ...

Conflicts of interest recommendation falls short

KARREN VERGARA  |  MONDAY, 4 FEB 2019
... trustee tries to wear two hats, conflicts will arise. The duties the trustee owes to members of the superannuation fund are not the same as the duties it will owe as responsible entity of a managed investment scheme and the duties will be owed to two ...

Hayne targets superannuation employer connections

KARREN VERGARA  |  MONDAY, 4 FEB 2019
... and sporting events, he said. Section 68A of the SIS Act provides that a trustee of an RSE or an associate of a trustee must not supply or offer to supply goods or services to a person on the condition that one or more of the employees of the person ...

Life risk commissions must also go: Hayne

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... respect of life insurance products would lead to significant underinsurance," Hayne said in the report today. "While it may not follow that every Australian who holds a life insurance policy through a superannuation fund has the same level of cover that ...

AFSL reference checking protocols required

JAMIE WILLIAMSON  |  MONDAY, 4 FEB 2019
Financial advice licensees are not doing enough to communicate the background of advisers. As such, compliance with the Australian Banking Association's reference checking protocols should be mandatory for all advice licensees, the Royal Commission ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... Commission, it was revealed that CommInsure used outdated medical definitions in denying a customer's heart attack claim and did not co-operate with the Financial Services Ombudsman to whom the customer made a complaint. It also denied 88% of the ...

OPINION: Post RC, where to now for retail super?

ALEX DUNNIN  |  MONDAY, 4 FEB 2019
... the big question is where to now for retail superannuation and its advisory network ecosystem? At least we know what's not part of the answer: the status quo. Retail superannuation may not be going backwards, but it's losing the growth war to ...

Grandfathered commissions to be banned

JAMIE WILLIAMSON  |  MONDAY, 4 FEB 2019
... and other industry participants are in favour of legislation repealing such provisions under the Corporations Act. Of those not in favour of a ban, Hayne said some entities used the obvious need for care in recommending change as a basis for saying there ...