AMP adds BT talent to its North leadership team
AMP has made three appointments to its North leadership team, including talent from BT and MLC.
November 12, 2024
RITC back on the agenda via adviser petition
An adviser-led petition is looking for support to revert a tax change that has been estimated to cost advised clients $250 million collectively. The petition, which aims to reinstate the previous ATO interpretation of Reduced Input Tax Credits on advice fees, has caught the eye of the opposition who will table it in Parliament.
November 11, 2024
New week kicks off with dual M&A moves in HNW space
Two separate transactions in the high-net-worth financial advice sector have seen LGT Crestone acquire Commonwealth Bank’s private wealth arm while Evalesco will merge with Principal Edge.
November 11, 2024
ESSSuper sues Iress over fund admin services
Emergency Services Superannuation Board (ESSSuper) has commenced legal proceedings in the Federal Court against Iress and its wholly owned subsidiary Financial Synergy Holdings.
November 11, 2024
Cbus turns to super warrior in media storm
The appointment of former Industry Super Australia boss Bernie Dean to the C-suite at Cbus may well provide CEO Kristian Fok with valuable advice on how to handle the political and media maelstrom surrounding the construction industry super fund’s ties to now-defunct trade union the CFMEU. But it is also a tell-tale sign the super wars are in full swing ahead of the federal election.
November 08, 2024
Australian funds improve transparency, moving up the global rankings
As the guardian of nearly $4 trillion worth of worker retirement savings, Australia’s superannuation system has drawn significant and justified domestic scrutiny. A comprehensive annual study by Professional Planner sister publication Top1000Funds.com of the world’s largest pension funds shows Australia falls behind only one other country for investment transparency.
November 08, 2024
Treasury offers few answers over secret DBFO consultations
A Parliamentary committee has been unable to get answers on who specifically is attending the latest Delivering Better Financial Outcomes consultations, which have been held under non-disclosure agreements. The lack of disclosure comes as the government is unable to offer any specific updates for when the next tranche of DBFO legislation will be ready.
November 07, 2024
War on scams rises up agenda while DBFO languishes
Legislation tabled in Parliament to fight the “war on scams” shows financial advice has further fallen behind the government’s legislative agenda, Chris Dastoor writes. While the anti-scams law has merit, its introduction comes while neither Treasury nor Minister for Financial Services Stephen Jones can give a timeframe for the next tranche of Delivering Better Financial Outcomes legislation.
November 07, 2024
CSC MySuper returns 9.1 pc in FY24
Commonwealth Superannuation Corporation has released its annual report for the 2024 financial year, posting a 9.1 per cent return for its Balanced MySuper option.
November 07, 2024
Fair Work case highlights the risks with offshoring
A recent Fair Work Commission case has shown that businesses will still be required to meet Australian employment law, even when using offshore talent. The ruling shows that it is essential for advice practices to do proper due diligence off outsourcing systems, whether it’s by using third-party providers or by trying to hire direct.
November 06, 2024
ASIC loses court case against former Dixon director
ASIC will have to cover the legal costs of former Dixon Advisory director Paul Ryan after the Federal Court ruled against the regulator’s findings that he acted in the interest of parent company Evans and Partners over Dixon creditors.
November 06, 2024
DBFO is well-intentioned, but misses the point
Although there is nothing wrong with easing the regulatory burden for professional advisers, Robert MC Brown writes the purpose of the Delivering Better Financial Outcomes legislation has largely missed the point. The original stated goal of improving accessibility and affordability of advice is unlikely to be achieved.
November 05, 2024
