Financial Standard

Product showcase: Reframing financial advice

THE FINANCIAL STANDARD TEAM   Brought to you by Generation Life.

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.

Bidding war for oOh!media heats up

ELIZA BAVIN   Pacific Equity Partners, I Squared Capital and Oaktree Capital have all upped their bids for the ASX-listed outdoor advertising company.

La Caisse to acquire Transurban toll road stake

RIDDHIMA TALWANI   Transurban has sold its half of the share in a 7.2 kilometre toll road and bridge in Canada to La Caisse for C$280 million($283.4m), making it the sole owner of the asset.

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.

AustralianSuper expands European footprint with new hire

ELIZA BAVIN   AustralianSuper has appointed a head of treasury, Europe set to bolster the fund's capability in managing liquidity.

Quinbrook appoints Australian lead

VINNY VUCAGO   Energy transition infrastructure investor Quinbrook has appointed Tim Horneman as region leader for Australia, formalising his responsibility for the firm's local investment activities and business operations.

ASFA lifts comfortable retirement standard to $730k for couples

KARREN VERGARA   The benchmarks for a comfortable retirement have hit $730,000 for couples and $630,000 for singles, yet many Australians believe they will need more than $1 million to be financially at ease in their twilight years.

Super funds race to implement digital advice

VINNY VUCAGO   Australian superannuation funds are increasingly turning to digital advice tools to bridge the longstanding gap between members needs and access to affordable financial guidance, according to executives at wealth technology Bravura Solutions.

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.