AFCA records over 100k annual complaints for the first time
The Australian Financial Complaints Authority has recorded 100,000 complaints in a calendar year for the first time, with the number of scam-related complaints almost doubling year on year.
CSLR board estimates $241m for initial levy
The board for the Compensation Scheme of Last Resort has provided a $241 million estimate of the initial levy to fund claims from eligible consumers who suffered from financial misconduct.
FAAA hires marketing and comms head
The Financial Advice Association has appointed John Summerhays as head of marketing and communications.
Investors should brace for even more geopolitical risk in 2024
A string of democratic elections in countries around the world are almost guaranteed to result more shocks to already volatile financial markets. Institutional investors face the unenviable task of trying to discern the impacts on asset valuations and their portfolios.
COP28 highlights role of emerging markets on path to net zero
Reflecting on her journey to Dubai to attend the historic COP28 climate change summit this month, JANA’s head of sustainability, Rachel Halpern, says there was a sense of real progress, especially among business delegates. But it was also clear trillions of dollars in capital must flow to emerging markets to make decarbonisation a reality.
Court finds OnePath did not breach duty of utmost good faith
The Federal Court has found that Zurich Australia did not breach its duty of utmost good faith when OnePath Life, the previous owner of Zurich’s life insurance business, avoided an income protection policy because the insured failed to disclose a prior history of hospitalisation for serious mental health issues.
First Nations financial groups launch scholarship program for women
First Nations Economics and First Nations Foundation have launched a $120,000 scholarship program to support women studying finance and business.
REST expands industrial property exposure
Industry fund REST has expanded its exposure to industrial property through a $1 billion partnership with investment manager Barings.
Why REST’s CIO isn’t taking members for granted
For the size of its AUM, the $75 billion industry fund REST has an extraordinary 2 million membership base that its CIO, Andrew Lill, knows takes hard work to retain. Not wanting to rest on the laurels of the default system, his assumptions stand in contrast to comments made by outspoken industry peer Hostplus CIO Sam Sicilia.
$5m govt grant to turbocharge Super Consumers Australia’s fund research
After campaigning for more permanent funding this year, Super Consumers Australia has received a $5 million grant from the government to be delivered over the next five years. The organisation’s acting director Gerard Brody says the taxpayer funding will allow the consumer group to expand its “rigorous” research on fund performance and fees.
Finalists to the AMP ASTRUM quality award announced
AMP has announced the finalists for the 2023 ASTRUM quality award.
CEFC commits $75 million to first close of New Forests fund
Clean Energy Finance Corporation has invested $75 million in the forestry sector via specialist fund manager New Forests, targeting carbon abatement of one million tonnes over the next decade.
