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Chief economist update: China on my mind
BENJAMIN ONG  |  THURSDAY, 14 JAN 2021
The All Ordinaries index finished 2020 with a gain of 0.7%. Nothing to write home to mother about, especially compared with the 16.3% and 16.0% surge in the S&P 500 and the Nikkei-225, respectively, over the same period. However, the local bourse's ...
Legacy pensions score win
KARREN VERGARA  |  WEDNESDAY, 13 JAN 2021
The SMSF Association has welcomed a new law that will allow the partial commutation of legacy pensions. The change was announced in the federal government's mid-year economic and fiscal outlook (MYEFO), which was released last December. Retirees with ...
ASIC cancels stockbroker AFSL
ANNABELLE DICKSON  |  WEDNESDAY, 13 JAN 2021
The corporate regulator has cancelled the Australian financial services licence of Halifax Investment Services nearly two years after it was placed into administration. The cancellation took effect from 8 January 2021 and allows the licence to operate ...
AustralianSuper breached member's privacy: Regulator
KANIKA SOOD  |  TUESDAY, 12 JAN 2021
The $180 billion superannuation fund has been ordered to audit certain procedures, after a member's complaint to a federal regulator found the fund interfered with their privacy. The Office of the Australian Information Commissioner (OAIC) on December ...
Schroders adds to private debt team
ELIZA BAVIN  |  TUESDAY, 12 JAN 2021
Schroders has announced the appointment of a new portfolio manager to its Australian private debt team. Tim Hallam will join head of private debt Australia Nicole Kidd in the newly created role from 13 January 2021. Most recently Hallam was the executive ...
Chief economist update: No pandemic on Wall Street
BENJAMIN ONG  |  MONDAY, 11 JAN 2021
Pandemic? What pandemic? The S&P500 index the Dow Jones Industrial Average closed 2020 at record highs despite the US topping the list of countries with most total cases of coronavirus infections (21.3 million or roughly 25% of the world's total) ...
Super funds back COVID-19 preventative drug
KARREN VERGARA  |  THURSDAY, 7 JAN 2021
Four major superannuation funds are backing a biotech company that is developing a preventative nasal spray that claims to prevent COVID-19 and the common cold. AustralianSuper, HESTA, Hostplus and Statewide Super have joined forces with CSL, a venture ...
ASIC takes fintech to court
KARREN VERGARA  |  WEDNESDAY, 6 JAN 2021
The corporate regulator has initiated action against a fintech for allegedly misleading customers about the benefits of investing in residential property in self-managed superannuation funds. Squirrel Superannuation Services, an SMSF platform provider ...
Prioritise underperformance over stapling: AIST
KARREN VERGARA  |  WEDNESDAY, 6 JAN 2021
The Australian Institute of Superannuation Trustees says the new Your Future, Your Super laws should prioritise underperformance ahead of stapling as existing members stuck in dud funds will be worse off. In its submission to the draft legislation ...
Class action launched against OnePath
ELIZA BAVIN  |  TUESDAY, 5 JAN 2021
Slater and Gordon have filed a class action against ANZ and its former subsidiaries OnePath Custodians and OnePath Life as part of its #GetYourSuperBack campaign. Filed in the Federal Court in December 2020, this makes the fifth class action launched ...
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