Nuveen wins industry fund mandate for US Cities Workplace strategy
Asset manager Nuveen has invested US$190 million ($286 million) from industry funds Cbus Super, Hostplus, and TWUSUPER in its US Cities Workplace strategy.
May 22, 2023
FSC appoints CFS chief to board
The Financial Services Council (FSC) has appointed CFS chief executive Kelly Power to its board.
May 22, 2023
Unintended consequences of experience pathway put licensees at risk
Advisers who operated before the ASIC Financial Adviser Register was created pose potential problems for licensees, who are liable to face civil and criminal penalties for incorrectly validating an adviser under the proposed legislation for the experience pathway.
May 19, 2023
FAAA highlights adviser implications for YFYS Choice expansion
The Financial Advice Association has raised concerns over the expansion of Choice products into the Your Future, Your Super performance test. The association has argued the calculation of the test doesn’t take into consideration how fees are accounted for on large balances, compared to MySuper accounts, as well that moving fund may not necessarily be in a member’s best interest.
May 19, 2023
AMP pays $24m fine for charging deceased customers
The Federal Court has ordered AMP Financial Planning and AMP Life pay a monetary penalty of $24 million after proceedings brought against it by ASIC.
May 19, 2023
MLC Life penalised $10m for misleading customers
The Federal Court has ordered MLC Life Insurance pay a $10 million penalty for failing to pay promised benefits, resulting from a lack of appropriate systems to administer its insurance policies.
May 19, 2023
‘The streak stops here’: The business-led move towards independent advice in the US
Professional financial advice in Australia has been driven by regulation, but Dimensional Fund Advisors co-CEO Dave Butler compares this market with the US – it was independent advice businesses that drove the fee for service model. The former college basketballer and NBA draftee discovered the business case for the independent adviser model early in his career.
May 18, 2023
Executing the RIC strategy: An industry response
Super fund and product providers have been strategising and executing their response to the Retirement Income Covenant that came into effect in July 2022.
May 18, 2023
Saxo amends TMDs following ASIC stop orders
ASIC made eight interim stop orders on 16 May 2023, preventing Saxo Capital Markets (Australia) from issuing some new Contracts for Difference to retail clients because of deficiencies in their Target Market Determinations.
May 18, 2023
Qantas Super CEO/ASFA director appointed as inaugural AGC chair
Qantas Super CEO and Association of Superannuation Funds Australia director Michael Clancy has been appointed as the inaugural chair of the Australian Governance Council.
May 18, 2023
MyNorth wins Chant West innovation award
AMP North retirement solution MyNorth Lifetime has won fund innovation of the year at the Chant West 2023 Super Fund Awards.
May 18, 2023
Vanguard re-shuffles exec team amid Aus retail business change
Vanguard Australia has made several appointments to its executive team, combined its two retail direct businesses (superannuation and non-superannuation), and expanded its product division.
May 18, 2023
