MM Newsletter
  13 November, 2020
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Latest News
Money Management Original
Adviser loss drastically outpacing PY entrants
The amount of new professional year entrants is less than a tenth of the total amount of advisers that have exited the industry this year.
Money Management Original
ASIC reaches into super trying to couple DDO with member outcomes
Superannuation funds are being subjected to more scrutiny from the corporate regulator over how they deliver insurance inside super to members at the same time as the regulator has sought to couple its Design and Distribution Obligations regime to the Australian Prudential Regulation Authority’s member outcomes test.
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Money Management Original
ASIC uncertain whether KPMG’s Shipton tax advice covered options
The Australian Securities and Investments Commission has clarified that the regulator only paid for tax advice to its stood-aside chairman, James Shipton, but can’t say whether that advice encompassed executive options.
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Money Management Original
Women still largely underrepresented among planners
Almost 80% of financial planners, who are registered under the Australian Securities and Investments Commission’s Financial Adviser Register, are men.
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Industry News
Industry fund declares clean hands on investment switching
Faced by suggestions of an investigation by the Australian Securities and Investments Commission, industry fund NGS Super has declared clean hands on investment switching by fund executives and trustees.
Industry News
Median balanced fund up 0.5% in October
While recovery in superannuation funds has been faster and stronger than expected, members still have not been able to fully recover losses since the pandemic brought turmoil to markets in March, according to Super Ratings.
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Industry News
Govt introduces legislation for RC recommendations
It addresses 20 recommendations that came from the Royal Commission, including anti-hawking provisions and strengthening the enforcement of breaches of financial services codes.
Industry News
End to hawking welcomed
It is now officially illegal to hawk a member of a MySuper product into a choice product offered by the same fund and this will ultimately boost retirement savings of Australians, according to Super Consumers Australia.
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Industry News
Deutsche Bank opens cash management business in Australia
The German multinational investment bank will offer a range of services including current accounts and deposit products, domestic and cross-border payments, and collections as well as liquidity management services.
Industry News
ASIC investigates super fund trustee and executive COVID-19 investment switching
The Australian Securities and Investments Commission is investigating a range of investment switches undertaken by trustees and executives of major superannuation funds.
Industry News
FPA launches Aged Care Specialist professional designation
In collaboration with Aged Care Steps’ Accredited Age Care Professional Program, the program will offer further specialist training for advisers.
Industry News
Findex appoints chief growth officer
Aon Australia national director of commercial sales, Chris Carey, has been appointed to the newly-created role at the financial advisory firm.
Outsiders
Money Management Original
In the dark, out of the loop and an execrable diet
Outsider knows what it’s like to be treated like a mushroom. He is not unfamiliar with being kept in the dark and being fed execrable information.
Money Management Original
Bountiful experiences as first mate takes the helm
At the time of writing, Australian Securities and Investments Commission chair, James Shipton remains stood aside awaiting a Treasury-instigated independent review of the six-figure sum paid by taxpayers to cover his tax advice.
Money Management Original
Getting to the bottom of illicit habits
Outsider knows that there are those who believe that some inhabitants of Sydney’s so-called big end of town occasionally indulge in illicit substances reflective of their large incomes but, let’s face it, the big end of town has been pretty much empty since March.
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Money Management · Level 10, 4 Martin Place, Challis Place · Sydney, NSW 2000 · Australia