NESS Super partners with Otivo for digital advice service
Electro-technology profit-to-member fund NESS Super has partnered with digital advice provider Otivo.
December 19, 2024
Growth super funds on track to finish CY24 with 11 pc gain: Chant West
The median growth option in super funds are on track to finish the 2024 calendar year with an 11 per cent gain, according to the latest estimate from research house Chant West.
December 19, 2024
Industry funds are already war-gaming a royal commission
Industry super funds are actively “scenario planning” a royal commission into the powerful $1.4 trillion sector as regulatory and parliamentary scrutiny intensifies. They should heed the lessons learned by their retail fund peers that they would be better off embracing transparency than attempting to stave off the inevitable.
December 19, 2024
REST appoints people and culture leaders
Super fund REST has appointed two general managers to lead its workplace culture and employee experience development.
December 19, 2024
Mason Stevens acquired by private equity firm
Private equity firm Adamantem Capital has entered into a binding agreement to acquire wealth platform Mason Stevens.
December 18, 2024
Centrepoint/FAM deal shows adviser risk for incentive-laden M&A
Financial Advice Matters has fallen short of an EBIT target that will see it miss 20 per cent of the $10 million acquisition agreement it signed with Centrepoint a year ago. The arrangement highlights the potential risks for advice practices considering incentive-laden M&A deals.
December 18, 2024
Mixed reception to measuring retirement performance
Treasury has been handed a swift rebuke to expanding the Your Future Your Super performance test into retirement, with representatives across advice and superannuation arguing it will be rife with unintended consequences and isn’t as simple as measuring accumulation.
December 18, 2024
Insignia rejects $2.7b Bain Capital bid
ASX-listed Insignia Financial has rejected the non-binding $2.7 billion offer from Bain Capital, saying the bid "does not adequately represent fair value" for shareholders.
December 18, 2024
AFCA defends contentious ‘but for’ determination process
The Australian Financial Complaints Authority has come under fire for its contentious ‘but for’ methodology, but the external dispute resolution has fought back arguing the process is sound. This method of remediation isn’t available for every client who has suffered financial loss – it needs to be contingent on a breach of the best interest duty.
December 17, 2024
CSLR makes ‘but for’ test no longer fit for purpose
The “but for” methodology used by the Australian Financial Complaints Authority has come under recent criticism despite being used by its predecessor and endorsed by the court. Simon Hoyle writes that with the Compensation Scheme of Last Resort now involved, the test may no longer be an appropriate mechanism.
December 17, 2024
