Forecast: surge in SMSFs opting out
A surge of SMSFs opting out of their current arrangements before the end of FY17 in favour of retail, corporate or industry funds is likely, JWW Consulting head John Wiseman predicts. He said: “For...
View ArticleABS reviews financial data collection
APRA is reviewing its economic and financial data collection processes for the first time since 2001. Financial entities have until April 18 to comment on APRA's statistics discussion paper and a raft...
View ArticleNielsen-Finity deal ‘boon for insurers'
Actuarial and analytics consultancy Finity claims a strategic alliance with market researcher The Nielsen Co could be a boon for the insurance and financial industries. Finity said the alliance would...
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Carter Newell has appointed Ben Hall a special counsel and leader of its Melbourne office, while Katherine Bland (property & injury liability), Rebecca Ebzery (construction & engineering) and...
View ArticleOutgoing NDIA chair's parting words
Outgoing National Disability Insurance Agency (NDIA) chair Bruce Bonyhady's ( CN 20/10/16 ) parting words have warned against NDIS “reverting to the welfare model it replaces”. In a 10-page farewell...
View ArticleSuncorp insurance profit jumps 42.5%
Suncorp has achieved a 42.5% jump in 1H17 insurance net profit after tax (NPAT) on 1H16 to $369m, flowing from topline growth, lower claims costs and “disciplined expense management”. Group NPAT was up...
View ArticleNZ Govt appeals quake action
NZ Government-owned claims handler Southern Response has lodged an appeal against a NZ High Court decision to allow a class action against it over the 2011 Canterbury earthquakes ( CN 26/01/17 ) ....
View ArticleFSC balks at enhanced ASIC powers
FSC has balked at ASIC's proposal for greater powers to weigh in on life claims handling disputes in its submission to the Parliamentary Joint Committee on Corporations and Financial Services' inquiry...
View ArticleNZ business losses hit $NZ900m
Commercial claims from November's Kaikoura earthquake ( CN 02/02/17 ) have cost NZ insurers more than $NZ900m ($A859m), ICNZ says. The figure excludes claims for assets covered by offshore insurers....
View ArticleASIC ticks off NAB super trustee
ASIC has imposed additional licence conditions on NAB super trustee Nulis Nominees (Australia) Ltd's Australian financial services licence after breakdowns in its internal procedures. ASIC said about...
View ArticleLondon ‘catastrophe ready'
The London market could withstand a $US200bn ($A260bn) extreme loss scenario, an industry-led “dry run simulation” has found. Insurer Hiscox and McKinsey & Co's catastrophe simulation found the...
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 ArticleContractor faces 12-month job ban
A NSW Supreme Court restraint-of-trade decision has forced a Qld Health (QH) computer payroll contractor to quit the department for a year after a dispute with a contract provider. The court heard...
View ArticleBid for stay against ASIC ban fails
The Administrative Appeals Tribunal (AAT) has refused a financial adviser's application for a stay against a five-year ASIC ban of his Australian financial services licence while waiting for AAT to...
View ArticleAAT upholds ASIC's AFS licence ban
The Administrative Appeals Tribunal (AAT) has affirmed ASIC's decision to suspend Masu Financial Management Pty Ltd's Australian financial services (AFS) licence for eight weeks. ASIC launched...
View ArticleFA reform bills pass Parliament
Legislation requiring financial advisers' (FAs) professional standards lifted and changing life industry remuneration arrangements passed through federal Parliament last Thursday (February 9). FSC said...
View ArticleCall for ASIC funding changes
The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) want a raft of changes to proposed new ASIC funding arrangements. They say the proposal is inequitable and does...
View ArticleCanadian investor bids for Tower
Canadian investment firm Fairfax Financial Holdings Ltd has offered $NZ197m ($A185m), or $NZ1.17 a share, to buy NZ's Tower Insurance. A joint Fairfax/Tower statement said the offer was 48% higher than...
View ArticlePeople
Insurance law firm Gilchrist Connell has promoted Anita Filleti and Rachel Teh from associates to senior associates in its Adelaide office. Their fields include professional indemnity, liability and...
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