Industry Updates

AFCA re-appoints CEO Locke, hits $1b in compensation

As the complaints authority hits the $1 billion threshold for consumer compensation, Tthe AFCA board of directors has re-appointed David Locke as chief ombudsman and CEO for a second five-year term.

Financial product registrations drive growth in March quarter: APIR

After a slow start to the calendar year, registrations of financial products during March saw the first quarter of 2023 finish 9 per cent higher than the five-year rolling average for the same period, at 199 product registrations, according to APIR.

Overwhelming support for compulsory super: ASFA survey

Super fund members have shown “overwhelming” support for Australia’s compulsory super system, according to findings from a survey conducted by the Association of Superannuation Funds of Australia.

FPSB appoints chair

The Financial Planning Standards Board (FPSB) has appointed Ana Cláudia Akie Utumi as chair for a two-year term.

Policy reform could offer 10 pc boost to retirement outcomes: FSC

Research by the Financial Services Council (FSC) shows has found policy reform focused on improving how Australians spend their superannuation savings would boost retirement incomes by 10 per cent each year, or by $397 billion by 2050.

MLC appoints experienced industry veteran as head of business development

MLC Life Insurance has appointed experienced industry veteran Peter Smith as head of business development.

Binance Australia Derivatives AFSL cancelled

ASIC has cancelled the AFSL of Oztures Trading in response to a request from Binance Australia Derivatives on Wednesday, 5 April 2023.

Vanguard cuts fee of VAF to 0.10pc

Vanguard has reduced the fee of the Vanguard Australian Fixed Interest Index ETF (VAF) to 0.10 per cent, effective today.

Mercer appoints two BT Super executives to Pacific leadership team

Mercer has appointed former BT Super executives Andrew Wallace and Corrin Collocott to its Pacific leadership team, following the completed merger of BT Super into the Mercer Super Trust.

Hostplus reduces fees on member choice investment option

Hostplus reduced its fees for Choiceplus, lowering platform administration, brokerage and transaction account fees.

Spark Financial Group launches digital investing solution

Spark Financial Group has launched a white label digital investing solution called Spark Invest, developed in conjunction with investment platform OpenInvest.

Fidelity launches metaverse experience

Fidelity International has launched a metaverse experience called Fidelity International Campus that aims to encourage financial literacy and educate users on the importance of financial planning, money management and investing.

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