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Regulatory

ATO approves ING monthly life payouts

CHRIS NICHOLLS  |  MONDAY, 7 MAY 2007
The ATO has handed down a landmark ruling stating that ING's OneCare customers who have life, TPD and trauma benefits paid as monthly installments can avoid having them assessed as income.

Maximise returns, don't follow ideology: Costello

ALEX DUNNIN  |  FRIDAY, 4 MAY 2007
Treasurer Peter Costello said the primary duty of super fund trustees is to maximise investment returns for members, not to impose ideological prohibitions on what they would prefer to invest their fund members' money in.

FinLit in schools in 2008

CHRIS NICHOLLS AND ALEX DUNNIN  |  TUESDAY, 1 MAY 2007
The Financial Literacy Foundation has scored a major goal with the introduction of an integrated financial literacy program for all school children from years three to nine, beginning in 2008.

Tax determination improves income protection

HAMISH MADDEN  |  MONDAY, 30 APR 2007
Under a recent tax determination, income protection offered through super funds can now be extended for two more years for ill health and injury.

Court stops pair posing as bank

HAMISH MADDEN  |  FRIDAY, 27 APR 2007
The Australian Prudential Regulation Authority (APRA) has obtained court orders to prevent the unauthorised financial business 'The Federal State Bank of Australia' from calling itself or acting like a bank.

Finsia sells education to focus on member services

One of the country's longest running financial institutes, the Financial Services Institute of Australia (Finsia) has signalled a change in business direction after it agreed to sell its education arm to Kaplan Inc enabling it to concentrate on providing ...

FinLit programs damaging schools

CHRIS NICHOLLS  |  MONDAY, 23 APR 2007
Teaching financial literacy in primary schools simply adds clutter to an already overcrowded curriculum, said Leonie Trimper, president of the Australian Primary Principals Association (APPA).

PE won't be allowed to cause systemic risks: Costello

ALEX DUNNIN  |  FRIDAY, 13 APR 2007
Speaking on ABC television from the UK, Treasurer Peter Costello said private equity activity won't be allowed to cause systemic problems while investors won't get away with tax avoidance.

APRA modernises data collection

CHRIS NICHOLLS  |  THURSDAY, 12 APR 2007
The Australian Prudential Regulation Authority (APRA) has released a proposal to modernise its data collection for life companies, including friendly societies.

ASIC revamps website

HAMISH MADDEN  |  THURSDAY, 12 APR 2007
The Australian Securities and Investments Commission (ASIC) has unveiled the first stages of its revamped website after feedback from site users.