Why did ASIC ignore complaints about the $180m Ponzi scheme?; RBA’s Lowe makes final rate decision

ASIC has been rapped for ignoring multiple tip-offs about the $180 million Courtenay House Ponzi scheme, waiting four years to take regulatory action.

RBA governor, Philip Lowe, has made his final rate decision ahead of stepping down from the role later this month.

IMAP’s census of managed account FUM has risen by 9.8 per cent to $161.9 billion in the first six months of 2023.

The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.

Abrdn has changed the allocation ranges of its multi-asset funds, allowing it to invest up to half the fund in international equities.

The corporate regulator has commenced civil penalty proceedings against Westpac for failing to respond to 229 customer hardship notices within the required time limit.

Domestic underperformance in the office sector means Australian property investors are turning their gaze towards global alternative real estate opportunities, portfolio managers say.