Industry Updates

IFM Investors and ISPT mull merger

Industry super fund-owned IFM Investors and ISPT are considering merging at the behest of their common shareholders, the fund managers said in a joint statement on Friday as asset owners look to cut management fees amid lower returns.

ASIC issues first of its kind stop orders for Spaceship Super, Mitrade

The corporate regulator has issued first of its kind stop orders against a superannuation product and a CFD product for deficiencies in their Target Market Determinations.

FirstChoice ranks first for overall satisfaction: report

CFS’ FirstChoice platform has ranked first for overall satisfaction in the ‘2023 Wealth Insights Service Level Report’.

CareSuper and Spirit Super agree to merge

Industry super funds CareSuper and Spirit Super will merge in late 2024, creating a combined fund with more than 500,000 members and almost $50 billion in Funds Under Management.

Adviser Ratings acquires ProductRex

Super and platform comparison tool ProductRex has been acquired by Adviser Ratings.

Mutual Limited Income option added to FirstChoice

The Mutual Wholesale Income strategy has been added to the CFS FirstChoice Investment and Super & Pension platform menus, effective 22 May 2023.

BT completes round of Panorama updates

BT has updated Panorama to improve the user experience for the most frequent users of the platform – advice practices’ support staff.

Zurich partners with PFAN to extend professional insurance assistance

Zurich Financial Services has partnered with the Pro Bono Financial Advice Network to extend professional insurance assistance to those in particularly adverse or vulnerable situations.

ASIC to extend date for separate adviser registration requirement

ASIC will extend the date for the separate adviser registration requirement again, this time to October 2023.

AustralianSuper reduces insurance costs for the second year in a row

Over 97 per cent of AustralianSuper members who have insurance through their account will see an average decrease of 11.8 per cent in insurance costs from 27 May.

FNZ appoints non-executive director

Global wealth management platform developer FNZ has appointed Kirsty Gross to support the group’s growth strategy, governance, and risk management in the Australian market.

Govt appoints TPB chair

Peter de Cure has been appointed chair of the Tax Practitioners Board, replacing Ian Klug.

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