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Regulatory

Industry and public fund members complain less: SCT

MICHAEL HOBBS  |  MONDAY, 10 DEC 2007
The Superannuation Complaints Tribunal (SCT) received 759 complaints concerning retail super funds last financial year, accounting for 60 per cent of total complaints, compared to industry and public funds at around 30 per cent.

Commissions could breach sole purpose test

CHRIS NICHOLLS  |  FRIDAY, 16 NOV 2007
Trustees of retail super funds who pay commissions to subsidise holistic advice could be breaching the sole purpose test, according to Industry Super Network executive manager David Whiteley.

Govt to address underinsurance

MICHAEL HOBBS  |  WEDNESDAY, 14 NOV 2007
More than one in two planners believe that the government should take a lead in tackling the country's chronic underinsurance, according to a financial planner poll.

Cairns planner jailed for fraud

CHRIS NICHOLLS  |  MONDAY, 5 NOV 2007
A Cairns financial adviser has been sentenced to eight years jail after pleading guilty to 14 fraud charges involving almost $1 million of client money.

ASIC releases guide for unlisted debentures

CHRIS NICHOLLS  |  THURSDAY, 1 NOV 2007
ASIC has released its regulatory guide for unlisted debentures, following its industry consultation process in August.

Canadian fund slams investment restrictions

CHRIS NICHOLLS  |  MONDAY, 22 OCT 2007
Canada's sixth largest pension fund, the Ontario Municipal Employees Retirement System (OMERS) has called for the Ontario Expert Commission on Pensions to remove rules that restrict how much pension funds can invest in certain assets.

IFSA to release new guidelines

CHRIS NICHOLLS  |  THURSDAY, 18 OCT 2007
The Investment and Financial Services Association (IFSA) is set to launch three new guidelines covering fraud and security, business continuity and disaster recovery.

UK closes PE tax "loophole"

CHRIS NICHOLLS  |  MONDAY, 15 OCT 2007
British Prime Minister Gordon Brown has proposed scrapping the so-called taper relief on capital gains tax - closing a loophole used by private equity firms in the UK for the past decade to pay as little as 10 per cent tax.

ASIC calls for tighter employment checks

CHRIS NICHOLLS  |  FRIDAY, 12 OCT 2007
The Australian Securities and Investments Commission (ASIC) and Standards Australia have launched a new handbook to give employers a reference-checking framework for financial advisers.

ATO signs up debt collection heavyweights

The Tax Office has signed four of the country's largest debt collection agencies to help collect outstanding tax debts and superannuation guarantee (SG) charge debts starting later this year.