Financial Standard

Diversa drags Praemium into First Guardian lawsuit

KARREN VERGARA   Praemium and its subsidiaries are now caught up in the ASIC-led First Guardian legal saga, having been thrown in the mix by Diversa Trustees.

Poor succession plans expose advice firms to crisis events: Report

KARREN VERGARA   Most financial advice practices are ill-prepared to manage the sudden death or permanent disablement of a principal, according to new research, underscoring widespread gaps in succession and contingency planning.

Global X awards mandate for ETF business

ELIZA BAVIN   Global X has awarded a new custody and administration mandate for its Australian ETF business.

Bell Asset Management launches small-caps fund

KARREN VERGARA   Bell Asset Management has formally launched its Australian Small Companies Fund, which is run by former Tyndall Asset Management portfolio managers.

Treasury releases adverse genetic test results ban draft regulation

KARREN VERGARA   Treasury is seeking feedback on draft regulations that ban the use of adverse genetic test results in life insurance, which come into effect on October 8.

AFCA to update rules on new genetic testing laws

KARREN VERGARA   The Australian Financial Complaints Authority (AFCA) is proposing to amend its rules in preparation for recent legislative changes on genetic testing protections in life insurance.

Lack of awareness impacts retirement satisfaction: TAL

MATTHEW WAI   New research indicates that although around 90% of retirees selecting pension accounts or lifetime income streams were satisfied with their decision, less than two in five (38%) pre-retirees understood how those products work.

Investment performance will not help smaller balances: Research

MATTHEW WAI   Recent research from Monash University demonstrated retirees will require a balance above $400,000 to achieve sustainable retirement without investment-related constraints.

Vale Alan Greenspan

ELIZA BAVIN   The American economist and former chair of the Federal Reserve passed away at 100 years old.

RBA on hold, rate cuts expected

ELIZA BAVIN   The Reserve Bank of Australia kept interest rates on hold at its June meeting with economists suggesting the next move could be a rate cut.

ASIC charges developer over alleged $10m fraud

VINNY VUCAGO   Property developer David McWilliams has been charged over an alleged $10.1 million fraud scheme involving investor funds raised for specialist disability accommodation projects, following an investigation by ASIC.

Federal Court calls out ASIC for re-running case on appeal

RIDDHIMA TALWANI   The Full Federal Court of Australia has criticised regulators for falling back on appeals to re-litigate cases on a different legal basis than the one run at trial.

OKX Australia leadership changes hands

MATTHEW WAI   After nearly two years at the helm, OKX Australia chief executive Kate Cooper is stepping down from the top job.

Former Australian Ethical finance chief lands new gig

MATTHEW WAI   The former chief financial officer of the ethical investment manager has joined a local finance company after wrapping up his tenure at AUB Group.

MySuper assets pursue $1.5tn Choice sector

KARREN VERGARA   MySuper assets are fast catching up to the $1.5 trillion Choice sector, hitting nearly $1.2 trillion in the March quarter.

SMC pushes for carers to qualify for SG

VINNY VUCAGO   Australia's unpaid carers could retire with up to $45,000 more in superannuation if the federal government extends the Super Guarantee (SG) to the Carer Payment, according to new research from the Super Members Council (SMC).

Otivo launches AI-powered financial advice

MATTHEW WAI   Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Royal London AM extends SS&C mandate for new Aussie funds

RIDDHIMA TALWANI   Royal London Asset Management (RLAM) will extend its mandate with SS&C Technologies to provide its fund administration and unit registry services for its new range of Australian active funds.

Family office succession takes back seat to investments

KARREN VERGARA   While family offices have investment strategies down pat, the state of their succession plans paint another story, which reports suggest could undermine a seamless transfer of a vast amount of wealth.

Lowy family takes stake in Magellan

KARREN VERGARA   The Lowy family has acquired a 5.1% stake in Magellan Financial Group via its trust Oryxium.