Australia makes large scale pension reforms on par with UK
The Australian government has announced wide-ranging pension reforms that are already being likened in scale to UK chancellor George Osborne’s radical pension freedom changes.
Australia
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Australia eases planned skill standards for financial advisers
The Australian government has revised its plans to ensure financial advisers hold a university degree and has decided to delay the introduction of new rules aimed at raising the education, training and ethical standards of financial advisers.
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Asia Pacific Funds Passport takes big step forward
Representatives from Australia, Japan, Korea, and New Zealand signed a memorandum of cooperation (MoC) on the Asia Region Funds Passport (ARFP) on Thursday, that should see the initiative launched next year.
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Australian banks plan major changes to commission fees
The Australian Bankers Association (ABA), which represents all the country’s major banks, has unveiled a sweeping review of product sales commissions and product based payments with a view to removing or changing them where they lead to poor customer outcomes.
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The rise of investment fintech
No longer the preserve of payment solutions developers, fintech startups are gaining ground and increasingly disrupting the investment management industry.
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Australian regulator to provide ‘robo-advice’ guidance
The Australian Securities and Investments Commission (Asic) has released a draft of its proposed guidance on providing digital financial product advice services, or robo-advice, to retail clients.
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Calls for reform of life commissions grow in Australia
Consumers will go on being hurt financially until commissions on life insurance are banned in Australia, and a rigorous code of conduct is in place, says Industry Super Australia (ISA), an umbrella organisation for the retirement savings industry.
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Zurich buys Australian Life business from Macquarie Group
Zurich Australia, part of Zurich Insurance Group, said it has reached a deal with the Macquarie Group to buy its Australian life insurance business for an undisclosed sum.
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Qrops bounce back in Australia after HMRC cull
The number of Australian Qrops recognised by HM Revenue & Customs has leapt to more than 100 schemes in its latest updated list.
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Macquarie offers robo-advice service for DIY investors
Macquarie Bank has launched a robo-advice service in Australia for savers who do not currently receive advice and want to manage their own investments online.
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AIFMD passport inclusion decision expected by June – CIMA
The Cayman Islands Monetary Authority (CIMA) said it is confident the European Securities and Markets Authority (ESMA) would complete its assessment of a second wave of nations for inclusion into the AIFMD passport system by June 30.
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Australia moves to regulate IFA commissions
The Australian government has introduced new legislation to regulate commission payments made by life insurance companies to financial advisers.