Government to abolish Administrative Appeals Tribunal
The Labor government will replace the Administrative Appeals Tribunal with a new administrative review body after claims it has been stuffed with Liberal staffers appointed with no merit. Attorney General Mark Dreyfus said the public standing of the tribunal has been “irreversibly damaged” due to the actions of the former government, citing the appointment of
December 16, 2022
FSC updates super fund claims handling guidance
The Financial Services Council has released an enforceable standard for handling group life insurance claims in superannuation which will replace the previously voluntary guidance. In a media release, the FSC stated the new standard sets out the minimum level of service consumers should expect to receive from their superannuation fund when making a claim on
December 16, 2022
ASIC takes civil penalty action against Firstmac for DDO breach
ASIC has commenced civil penalty action in the Federal Court against non-bank mortgage lender Firstmac for alleged breaches of the Design and Distribution Obligations. The regulator’s proceeding against Firstmac is the first DDO civil penalty action taken against a distributor of financial products, which is the first DDO court action filed earlier this month against a
December 16, 2022
Mine Super and TWUSUPER explore merger
Industry funds Mine Super and TWUSUPER have entered a preliminary non-binding Memorandum of Understanding to explore the possibility of merging.
December 16, 2022
APRA releases updated heatmap; 6 products marked underperforming
There are six products that have “significantly poor investment returns” over the past eight years in the latest APRA MySuper Heatmap release.
December 16, 2022
AustralianSuper partners with US private capital firm
AustralianSuper has announced a new partnership with Churchill Asset Management, with an initial instalment of US$250 million ($373 million), intended to grow substantially over time.
December 16, 2022
Robin Bowerman retires from Vanguard
The head of Vanguard’s corporate affairs group, Robin Bowerman, is retiring after 19 years at the organisation.
December 15, 2022
Finder subsidiary sued by ASIC for running crypto product without AFSL
ASIC has commenced civil penalty proceedings in the Federal Court against Finder Wallet for allegedly providing unlicensed financial services, breaching product disclosure requirements, and failing to comply with Design and Distribution Obligations concerning its crypto-asset-related product, Finder Earn.
December 15, 2022
Decrease in estate grants: Equity Trustees
There has been an increase in grants from testamentary and perpetual charitable trusts and decrease from estates, according to research from Equity Trustees.
December 15, 2022
Apex wins fund services mandate
Investment advisory firm Kayne Anderson Rudnick Investment Management (KAR) has appointed global financial services provider Apex Group to service its Global Small Cap Fund and support its independent custody services.
December 15, 2022
FPA/AFA merger enters second round of member consultation
The Financial Planning Association and the Association of Financial Advisers have entered the second round of consultation with members on the proposed merger of the two associations.
December 14, 2022
Global X launches global carbon ETF
Global X has launched net-zero emission focused Global Carbon ETF (Synthetic) (GCO2).
December 14, 2022
