Financial Standard

Count shutters limited-advice business, slips in size ranking

MATTHEW WAI   Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.

Centrepoint Alliance acquires two advice firms

KARREN VERGARA   Centrepoint Alliance will acquire Queensland financial advice practices Cairns Wealth and Pinnacle Wealth for $3 million from Astute Financial Management.

Franklin Templeton launches two active ETFs in Australia

RIDDHIMA TALWANI  |    12:29PM   Franklin Templeton has launched two new active ETFs on the ASX, the Franklin Global Systematic Equity Fund Active ETF (FGSE) and the Western Asset Enhanced Income Fund Active ETF (FEIF).

Banks gaining on private credit firms in construction lending

RIDDHIMA TALWANI  |    12:24PM   A recent survey by Stamford Capital found major banks are returning to construction lending compared to 2023 when most banks chose to sit on the sidelines.

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.

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.

Behavioural constraint is costing retirees greatly: Allianz Retire+

MATTHEW WAI   The insurer found that market volatility, and inadequate savings are no longer the greatest threats to retirement outcomes, rather, it comes down to hesitancy to make the decisions retirement requires.

US proposes fresh tariffs on Australia

ELIZA BAVIN   Treasurer Jim Chalmers said the proposed new tariffs are "unjustified and unwarranted".

Cooling economy could keep RBA on hold

ELIZA BAVIN   Australia's GDP cooled in the March quarter with some saying the read could be positive news for interest rates.

Former Brite Advisors responsible manager banned

VINNY VUCAGO  |    12:04PM   ASIC has permanently banned former Brite Advisors responsible manager Gerard Duffy from providing financial services after determining it had reason to believe he was not a fit and proper person.

CALI seeks life insurers exemption from lead generation ban

RIDDHIMA TALWANI   The Council of Australian Life Insurers said it will argue a strong case for exemption for life insurance lead generation to not be swept up into a blanket ban designed to address misconduct in other parts of the financial system.

L1 Group appoints finance chief

KARREN VERGARA  |    12:34PM   L1 Group appointed a new chief financial officer who hailed from another ASX-listed firm.

AZ NGA appoints chief people and tech officers

RIDDHIMA TALWANI  |    12:14PM   AZ NGA has made two senior executive appointments with the aim of building an integrated firm, supported by centralised services and operations.

Trustees lack death benefit claims uplift urgency: ASIC

KARREN VERGARA  |    12:29PM   Two years since ASIC cracked the whip on superannuation funds to improve death benefit claims handling practices, a follow-up review found very little to no improvements have been made.

ASIC to take 'balanced' stance on super advertising ban rules

KARREN VERGARA  |    12:26PM   The corporate regulator said it promises to take a "balanced" approach to enforcing new rules around any advertising of superannuation funds during the employee onboarding process, which take effect in a few weeks.

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.