An Australia-based overseas pension scheme has been added to HM Revenue & Customs’ approved list of qualified recognised overseas pension scheme (QROPS) after the body delisted thousands of schemes in July.
The Australian government has begun consultations with the local financial services providers to devise a system of levies and fees to fund the cost of enforcing regulations on the industry.
Australia’s biggest specialist wealth management company, AMP, has posted a 33% rise in net profits for the six months to 30 June due to solid growth in its core domestic business and a big contribution from its Chinese joint venture.
Australia’s main regulator has announced plans to make the finance industry pay the costs of investigations where they have been successful, in move which could raise the scale of it penalties imposed.
The Australian Government has announced a full scale review of the country’s main financial regulator to assess its performance and see whether it has adequate capabilities and systems.
The Findex Group, one of Australia’s major independent wealth management firms, has announced that all new life insurance policies sold will be commission-free.
Expat investors who lost a combined total of £500m after the collapse of LM Investment Management have persuaded the Australian ambassador to Thailand to represent their case to the Australian Government.
HM Revenue & Customs has dropped thousands of QROPS from its recognised overseas pension schemes (ROPS) list, with Australian schemes faring the worst.
Macquarie Investment Management, the asset management arm of Australia’s Macquarie Bank, is to refund over A$5.5m (£2.68m, $4.2m) to around 2,300 clients for errors on its wrap platform.
HM Revenue & Customs will suspend its overseas pension list from tomorrow, with experts predicting that QROPS based in Australia and other jurisdictions will be absent when it returns next month.
Six major countries in the Asia Pacific region expect to launch a funds passport in 2016 which will make it easier for financial services professionals to market investment products, such as mutual funds, to retail customers in each other’s economies.
CPA Australia, one of the world’s largest accounting bodies, said it will enter the financial planning business to provide transparent, fee-for-service, advice to Australian consumers in 2016.
