Archived News for Finance Sector Professionals
The Association of Superannuation Funds of Australia (ASFA) has urged the Federal Government to focus more on fixing the gaps in the system to ensure its ability to deliver adequate retirement income.
Westpac promises 'new era' in corporate banking
Westpac and international software solutions company SAP have announced a new partnership to develop the country’s first real-time payment solution for large companies and institutions.
Councils win CDO court challenge
Three Australian Councils have won a Federal Court challenge that ruled that Lehman Brothers Australia, now in liquidation, was liable for millions lost in complex financial derivatives investments, known as collatoralised debt obligations (CDOs).
Dick Smith sold for $20 million
Retail giant Woolworths has announced it has sold electronic retail company Dick Smith to Australian private equity firm Anchorage Capital Partners for $20 million.
ANZ drops Visa shares
The ANZ Bank has announced it has sold its remaining shareholding in Visa, in a move it calls a continuing commitment to active management of capital across the banking group.
New Asia MD for ANZ
ANZ Bank has announced the appointment of Bret Packard as the new Managing Director Wealth Asia, reporting directly to Joyce Phillips, ANZ's Global CEO Wealth and Private Banking.
ASIC and Commbank settle stormy disagreement
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.