Financial Standard

Product showcase: Reframing financial advice

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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.

IFM lifts stake in Atlas Arteria to 40% after upping offer price

RIDDHIMA TALWANI   IFM Investors has raised its stake in Atlas Arteria from 34.5% to 38.3% in an on-market stock purchase, just a day after it raised its offer price for the toll road operator to $5.10 per security.

Former fund manager admits to obstructing SEC probe

KARREN VERGARA   Former Western Asset Management co-chief investment officer Ken Leech pleaded guilty to obstructing an investigation into a fraudulent trading scheme that disadvantaged certain clients.

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.

Productivity growth is 'going from bad to worse': PC

ELIZA BAVIN   Labour productivity fell by 0.6% in the March quarter and over the year to March has grown by only 0.3%.

US proposes fresh tariffs on Australia

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

ASIC secures record $300m penalty over 'egregious' CFD misconduct

VINNY VUCAGO   The Federal Court has imposed record penalties totalling more than $300 million against collapsed contracts for difference (CFD) issuer Union Standard International Group and two of its former authorised representatives.

Imprisoned fraudster's wife banned by ASIC

MATTHEW WAI   ASIC has disqualified Shashikumari Agrawal (Mrs Agrawal), the wife of the imprisoned director Krishnakumar Agrawal (Mr Agrawal), from managing corporations for five years due to her role in the collapsed Mansa Group.

Aware Super reshapes governance team, appoints chief risk officer

VINNY VUCAGO   Aware Super has announced a leadership reshuffle, appointing a new chief risk officer amid the departure of its long-serving group executive of legal.

Zenith bolsters research, investment capabilities with new hires

MATTHEW WAI   Zenith has announced two senior appointments to strengthen its research and portfolio management divisions.

APRA opens consultation to governance reforms

KARREN VERGARA   The prudential regulator is lifting the governance bar for superannuation funds and insurers with proposed changes to CPS 510, launching a consultation as part of its endeavours to stamp out 'poor practices'.

Regulators push for stronger stress-testing capability, resilience

KARREN VERGARA   The ability to remain resilient and manage liquidity pressures amid severe, multi-dimensional stress scenarios is an area of focus that APRA and ASIC want superannuation funds to improve.

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.