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More businesses fold, unpaid super recovery measure to launch

KARREN VERGARA  |  THURSDAY, 6 JUN 2024
... maintaining the integrity of FEG as a scheme of last resort that is not intended to relieve employers of their obligation to properly fund employee entitlements." "Since the recovery program was established, the recovery of FEG as dividends in the liquidations ...

ASIC places stop orders on Trademax Australia

JAMIE WILLIAMSON  |  FRIDAY, 24 MAY 2024
... investor questionnaire for compliance with its obligations and that its client onboarding process lacked controls to properly assess whether clients are in the identified target markets. The reliance on the questionnaire, which was described as poorly ...

Pacific Current sells stake in investment firm to Goldman Sachs

ELIZA BAVIN  |  TUESDAY, 14 MAY 2024
... to partner with best-in-class firms and Pennybacker has developed the investment and organisational capability to be properly recognised as such. We're looking forward to this partnership and helping Pennybacker realize continued success." Pennybacker ...

Mercer rolls out new corporate super plan

ANDREW MCKEAN  |  THURSDAY, 2 MAY 2024
... Mercer Super Trust had only 300 larger, corporate clients. "We built this [Mercer Business Super] initially as a place to properly house the incoming corporate clients coming to us as part of the BT Super merger to Mercer Super, effective April last ...

Future Fund deputy CIO jumps to Blue Owl

ELIZABETH FRY  |  FRIDAY, 26 APR 2024
... and requires a sophisticated approach. "And we need to go about it the right way. We recognised that you either do this properly or don't do this at all," he said. "We prioritise working with sophisticated investors, who are invested in finding solutions ...

ATO targets crypto investors, sharing economy

KARREN VERGARA  |  WEDNESDAY, 17 APR 2024
... high on the ATO's radar. Chapman said the tax office is convinced that many people in the sharing economy are not properly declaring their profits and gains. "So, if you obtain work through Uber, Airtasker or any of the many sharing economy platforms ...

FCA issues notices to Link Fund Solutions, Woodford

KARREN VERGARA  |  FRIDAY, 12 APR 2024
... the fund was suspended. LFS failed "to act with due skill, care and diligence", the FCA said, adding that it did not properly oversee Woodford Investment Management (WIM) or sufficiently ensure that concerns about liquidity were acted on. The FCA's ...

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... you're providing advice on how an SMSF should invest, that SMSF needed to have $10 million in it in order for it to be properly treated as wholesale," she said. In August 2014, ASIC brought this down a notch. "[ASIC] didn't say that it was wrong ...

ASIC's harsh words to directors: 'It's not meant to be easy'

ELIZA BAVIN  |  FRIDAY, 22 MAR 2024
... acknowledged there is complexity in the business world, but said that isn't an excuse for directors to not do their jobs properly. "It may seem to some that being a director is like Sisyphus in the Ancient Greek myth: Forever pushing a boulder up the ...

AustralianSuper's move to boost productivity by up to 30%

ELIZA BAVIN  |  WEDNESDAY, 20 MAR 2024
... availability of AI technology." Backeberg said he expects it will take around 18 months for AustralianSuper employees to properly adopt generative AI because the fund needs to "think carefully" about how it will be embedded into its processes. "Our AI ...
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