Archived News for Finance Sector Professionals
Commonwealth Bank and the Australian Securities and Investments Commission (ASIC) have reached a resolution in relation to Storm Financial, the financial services firm that collapsed in 2008, costing investors an estimated $3 billion.
Millions lost when documents go travelling
Australian tourists have lost a collective $360 million as a result from having travel documents, including receipts, passports and traveller’s cheques being stolen or misplaced.
Survey shows promising economic outlook
The Australian Chamber of Commerce and Industry (ACCI) has published its Survey of Industrial Trends for the September quarter, revealing a strengthening of the key General Business Situation index.
Commissions sink proposed monetary union
The Australian and New Zealand Productivity Commissions have issued a joint statement effectively scrapping any possibility of a monetary union.
ISN calls for high frequency trading moratorium
Industry Super Network (ISN) has called for the Australian Securities and Investments Commission (ASIC) to implement a moratorium of high frequency trading (HFT), claiming that the practice is damaging to long-term investors, including super funds.
ASFA releases discussion paper on investing in transport infrastructure
The Association of Superannuation Funds of Australia (ASFA) has released a discussion paper exploring the future for super funds of investing in transport infrastructure.
ASIC releases surveillance and enforcement reports
A snapshot of ASIC’s surveillance work has been published for the first time, as part of its commitment to improving transparency and increasing the public’s understanding of how ASIC operates.
AustralianSuper announces plans for internal management team
AustralianSuper has unveiled plans to build an internal management team in a bid to further reduce costs.
Consultation paper on APRA's crisis management powers released
The Minister for Financial Services and Superannuation, Bill Shorten, has released for public consultation a paper titled Strengthening APRA's Crisis Management Powers which seeks comments on a range of options to enhance Australia's financial sector, particularly prudential regulation.
Joyce Phillips appointed to FSC board
Joyce Phillips, CEO, Global Wealth & Private, ANZ, has been appointed a director of the Financial Services Council (FSC).
AMP Financial Services appoints Morningstar for research services
AMP Financial Services has appointed Morningstar as its preferred partner for research consultancy services following a comprehensive review.
ASIC puts spotlight on Addwealth
The Australian Securities and Investments Commission (ASIC) has cracked down on West Australian-based Addwealth Financial Services Pty Ltd, imposing additional conditions on the company’s Australian Financial Services (AFS) licence after a surveillance of its advice business.
ATO reports on taxpayer disputes
Information released by the Australian Taxation Office shows the majority of taxpayer disputes are resolved before reaching tribunal or court hearings when taxpayers and the ATO work closely together.
ATO to publish findings of external scrutiny
The Australian Taxation Office has announced it will publish all findings made by its external scrutineers and the outcomes and improvements from implementing suggested recommendations.
FSC claims government approach to default super funds misleading
The Financial Services Council has submitted a supplementary submission to the Productivity Commission’s inquiry into Default Superannuation Funds in Modern Awards in response to matters raised in the Treasury and DEEWR (the Departments) joint submission, released by the Minister last month.
St Andrew's signs partnership with Mortgages Today
St Andrew’s Insurance has announced the signing of their newest Corporate Partner, Mortgages Today Pty Ltd which trades as Wealth Today.
Australia to host international symposium on an integrated financial market for the Asia Pacific
Australia will host an international symposium on regional financial market integration in 2013, bringing together private sector leaders and regulators in the financial services industry from across the Asia Pacific region.
Australian finance sector sheds 10,000 jobs: report
Figures released in the Banking Job Loss Survey carried out by UNI Finance, the global union for the banking and insurance industries, show that the Australian finance sector has shed more than 10,000 jobs since the GFC, and a further 6300 positions have been outsourced offshore.
ABACUS claims customer-owned banking sector outperforming APRA figures
Abacus, the industry body for the Australian mutual financial services sector, has released figures which it claims show that the customer owned banking sector – credit unions, building societies and mutual banks - are in an even stronger position than the latest APRA data indicates.
CIO Index strengthens from weak base
The Chief Investment Officer Index released by the Financial Services Council (FSC) shows CIO sentiment is improving, but remains weak.
IPA calls for super to be aligned with PAYG
The Institute of Public Accounts (IPA) has called on the Government to reconsider proposed changes to superannuation in relation to fund notification requirements.