ASIC cancels 133 SMSF auditors
ASIC has cancelled the registrations of 133 approved self-managed super fund (SMSF) auditors who failed to lodge their annual statements. On July 28, ASIC sent a final warning to 185 SMSF auditors with...
View ArticleAMP wealth business plummets
AMP's Australian 1H16 wealth management operating earnings plummeted on 1H15 figures from $99m to $47m. AMP said the performance was affected by poor claims experience across income protection, lump...
View ArticleDispute review TOR released
The Federal Government has released the financial system's external dispute resolution and complaints framework review's terms of reference (TOR) ( CN 12/05/16 ) . Revenue and financial services...
View ArticleHeatwaves the ‘deadliest hazard'
Australians have more chance of dying in a heatwave than any other natural hazard after disease epidemics, new research shows. Risk Frontiers said more than 2,000 people had died from heat exposure...
View ArticleChubb enhances mobile P&E cover
Chubb says it has substantially enhanced its mobile plant & equipment (P&E) cover in Australia by adding general liability to the package. Chubb said brokers could now access a product “with...
View ArticleNRMA launches online SME service
NRMA business insurance has launched a new online service offering customers free access to advice from qualified tax accountants and legal professionals. Spokesperson Craig Wigginton said the service...
View ArticlePeople
Prominent company director and Chief Executive Women president Diane Smith-Gander has joined Henry Davis York as its first non-executive director and independent board member. It is the first time the...
View ArticleAFA rejects call for EGM over LIF
The Association of Financial Advisers (AFA) is resisting calls for an extraordinary general meeting (EGM) to consider a motion opposing Life Insurance Framework (LIF) reforms. AFA CEO Brad Fox said an...
View ArticleSlow equity market hits IAG profits
IAG this week reported a 14.1% FY16 profit slump on FY15 to $625m, reflecting significantly lower equity markets in the period. The result was struck on flat gross written premium (GWP) - down 0.6% to...
View ArticleASIC bans Macquarie duo
ASIC has banned two colleagues at Macquarie Equities Ltd Qld's Brisbane office, who had formed an informal business partnership, from providing financial services. Anthony Jason Sourris, of Kenmore,...
View ArticleSteadfast reports 75% NPAT jump
Steadfast has reported a 75% jump in FY16 net profit after tax (NPAT) on FY15 to $73.5m. Underlying FY16 net profit after tax and amortisation (NPATA) was up 45% to $82m. Gross written premium (GWP)...
View ArticleBrexit could be ‘dead in water'
LONDON: CN understands there is a concerted opposition building in the City of London and among peers against the Brexit result. A London source with inside knowledge told CN : “The word is - Brexit...
View ArticleZurich improves 2Q BOP
Zurich Insurance group has reported a 1H16 business operation profit of $US2.2bn ($A2.9bn) - down 2% on 1H15. The result reflected a 17% year-on-year improvement in 2Q performance to $US1.1bn. Zurich...
View ArticleGlobal cat losses jump 51%
Global 1H16 catastrophes cost insurers $US31bn ($A67bn), up 51% on 1H15, a Swiss Re preliminary Sigma report says. Most losses were from Japanese earthquakes, Canadian wildfires and US storms ( CN...
View ArticleSuper 4Q assets up 3.6%
Super assets totalled $2.1tr at 4Q end - up 3.6% on 4Q15, APRA's latest quarterly super performance report shows . APRA-regulated assets totalled $1.3tr - up 4.4%. Total MySuper assets totalled...
View ArticleEditorial team
Editor: Eva Wiland. Email eva.wiland@thomsonreuters.com. Contributing Editor: Kate Tilley. Journalist: John Reynolds. Managing Editor: Helen Jones. Twitter: @Cover_NoteTR.
View ArticleStorm directors found to breach law
The Federal Court has found Storm Financial directors Emmanuel and Julie Cassimatis have breached their duties as company directors. Justice James Edelman found they were responsible for inappropriate...
View ArticleSocial worker gets $1.5m for assault
The Qld Supreme Court has awarded a Brisbane social worker more than $1.5m in damages after a client sexually assaulted her. Justice Roslyn Atkinson said it was a “very serious” case because the...
View ArticleFSC warns against royal commission
A royal commission into banking and financial services would be a waste of public funds and time, FSC says. CEO Sally Loane said a royal commission would jeopardise “seismic reforms” in progress across...
View ArticleLabor nod to $500K super cap from '16
Federal Opposition leader Bill Shorten has given the Labor Party's nod to the Turnbull government's proposed $500,000 super contribution cap but from 2016 rather than 2007. He told the National Press...
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