Financial Services Online News Headlines

Thu, 17 Apr: The recent cyberattacks targeting some of Australia’s largest superannuation funds, including Insignia Financial’s MLC Expand platform, AustralianSuper, Australian Retirement Trust, Rest, and Hostplus, have highlighted significant cybersecurity vulnerabilities. These breaches have led to losses amounting to at least $500,000. Such incidents underscore the critical need for continual cybersecurity assessments to guard against potential breaches. - read more

Thu, 17 Apr: In a landmark moment for Sydney's real estate market, the city’s median asking price for houses has surpassed the $2 million mark, hitting $2,012,000 as of 15 April, according to SQM Research. This figure includes Greater Sydney regions such as the Blue Mountains and Central Coast. The development was confirmed by SQM's managing director, Louis Christopher. - read more

Thu, 17 Apr: Gold has reached a new record as geopolitical uncertainties continue to drive investors towards safe-haven assets. The precious metal rose by 1.4% on Wednesday, surpassing $US3275 ($5160) per ounce, as concerns over an expanding trade war escalated following US President Donald Trump's initiation of a new probe. This investigation highlights potential levies on critical minerals, adding to existing trade tensions. - read more

Thu, 17 Apr: Institutional investors across the globe are largely standing firm despite acknowledging the rising geopolitical risks impacting their portfolios. Recent research by investment consultancy firm Bfinance, involving over 160 institutional investors worldwide, reveals that most entities have not adjusted their strategic investments amidst the current economic turbulence driven by trade conflicts. - read more

Thu, 17 Apr: As the federal election approaches its conclusion, key industry lobby groups are urging major political parties to commit to sensible, bipartisan policy decisions. Central to this call are the Compensation Scheme of Last Resort (CSLR) and the issue of taxing unrealised capital gains. - read more

Thu, 17 Apr: More than 4% of Australian properties are currently facing heightened risks from natural hazards exacerbated by climate change, rendering insurance coverage often unaffordable or unavailable, according to recent findings by Climate Valuation. An analysis of over 15 million properties across 15,000 suburbs also highlights that an additional 10% are at moderate risk from disasters such as floods, bushfires, tropical cyclones, coastal inundation, and extreme winds. - read more

Wed, 16 Apr: Acadian Asset Management, renowned for its quantitative investment strategies, has introduced a new emerging markets equity fund targeting Australian wholesale investors. This fund is meticulously crafted to balance risk without compromising on long-term returns. - read more

Wed, 16 Apr: Centrepoint Alliance has announced its strategic acquisition of the advice review business from Brighter Super's ESI Financial Services, aiming to broaden its provision of high-quality financial advice. This move, detailed to the Australian Securities Exchange (ASX), reflects Centrepoint's initiative to enhance its service offerings by integrating Brighter Super's substantial client base. - read more

Wed, 16 Apr: The Bank of Queensland, a prominent mid-tier lender, has issued a cautionary note about an anticipated rise in bad loans due to ongoing economic uncertainty. Despite this warning, the bank's shares experienced an unexpected surge. - read more

Wed, 16 Apr: A contentious insurance claim has ended unfavourably for a motor policyholder after her husband mistakenly poured diesel exhaust fluid into her car's fuel tank. Although the policyholder initially received assurances from a Suncorp representative that the use of AdBlue fluid wouldn't be considered improper fuelling – supposedly an excluded scenario under her policy – the claim was later denied. This decision has sparked debate around policy definitions and customer service communication. - read more

Mon, 14 Apr: The Australian Securities and Investments Commission (ASIC) has proposed a new regulatory framework aimed at increasing transparency in the financial industry by identifying financial planning licensees who report breaches. Revealed in a consultation paper, CP 383, this proposal would see ASIC start publishing Reportable Situations (RS) and Internal Dispute Resolution (IDR) data at both firm and industry levels, including the names and licence numbers of the offending companies. - read more

Mon, 14 Apr: The latest figures from the Australian Bureau of Statistics (ABS) indicate a deepening recession for households, as revealed by the fourth quarter of 2024 national accounts. For the eighth consecutive quarter, real per capita household consumption has declined, marking an unprecedented stagnation for Australian households. - read more

Mon, 14 Apr: The central accounting associations have strongly urged the Australian Taxation Office (ATO) to align its pension treatment regulations with the Australian Prudential Regulation Authority (APRA). This call to action follows noted discrepancies in how the two entities handle the cessation of pensions due to unmet minimum payment requirements. - read more

Mon, 14 Apr: The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings in the Federal Court against Hollard Insurance, alleging a breach of the duty of utmost good faith. This action is in response to what ASIC describes as Hollard's 'egregious' handling of a home and contents insurance claim filed by a couple from regional Victoria. - read more

Fri, 11 Apr: As tensions rise between the United States and China due to escalating tariffs, deVere Group CEO Nigel Green has declared the situation a 'full-scale trade war.' This intensification follows US President Donald Trump's recent tariff increases against China, marking a significant shift from prior engagements perceived as 'shadowboxing.' - read more

Fri, 11 Apr: In a significant move, the Super Members Council (SMC), which represents major industry funds, is advocating for the expansion of the Fair Entitlements Guarantee (FEG) scheme. The aim is to provide coverage for unpaid superannuation guarantee (SG) contributions for employees of insolvent businesses. The current FEG scheme allows employees to claim unpaid wages, annual leave, and redundancy pays when a business goes under but does not yet cover unpaid superannuation. - read more

Fri, 11 Apr: The Australian Securities and Investments Commission (ASIC) has achieved a significant legal milestone with the Federal Court's decision to appoint liquidators to First Guardian Master Fund. Ross Blakeley and Paul Harland from FTI Consulting have been entrusted with this responsibility. The court has mandated that they oversee the liquidation of both Falcon Capital and the First Guardian Master Trust, alongside associated unregistered subsidiary funds. - read more

Fri, 11 Apr: Suncorp, a leading Australian insurer, has announced plans to reduce its workforce by cutting 30 of the 70 positions within its motor claims assessing coordinator team, with an intention to offshore some of these functions. This decision has prompted a response from the Finance Sector Union (FSU), which is currently gathering feedback from its members and intends to challenge the proposed changes. - read more

Thu, 10 Apr: Last week's announcement of the US's reciprocal tariff policy, dubbed 'Liberation Day' by former President Donald Trump, has led to significant market disruptions worldwide. Although Australia has managed to avoid the harshest direct impacts, the broader ramifications of a global trade conflict have not spared its investors, notably causing the Australian Securities Exchange (ASX) to experience its most substantial single-day decline since the COVID-19 pandemic. - read more

Thu, 10 Apr: An Australian comedian, Matt Hey, recently expressed his shock on social media following a significant drop in his superannuation balance. The 29-year-old discovered that his retirement funds had decreased by $40,000 in just a few minutes, attributing the downturn to drastic new tariffs announced by US President Donald Trump. Hey's experience serves as a stark reminder of the volatility that can impact superannuation, especially following substantial movements in the stock market. - read more

Thu, 10 Apr: Australian stocks are poised to follow a positive US market trend, with the S&P-ASX200 futures rising by 6.6% after US President Donald Trump's latest tariff adjustment. The S&P 500 gained 9.5% after Trump announced a temporary reprieve from tariffs for various countries, aimed at addressing investor apprehensions regarding the global economic implications of aggressive US trade tactics. - read more

Thu, 10 Apr: A recent decision by the Australian Financial Complaints Authority (AFCA) has highlighted the importance of accurate disclosure in insurance applications. A trucking company's claim under an NTI commercial motor vehicle policy was denied after discrepancies were found in the company's insurance history and operational radius claims. - read more

Thu, 10 Apr: Gow-Gates has successfully renewed its role as the official insurance broker for Football NSW, set to continue for an additional two years. The decision was made following an extensive tender process conducted by the soccer organization last year. - read more

Tue, 08 Apr: Since 2015, BlackRock has witnessed a marked transformation in the Australian financial advisory landscape with the increased incorporation of managed accounts. Originally capturing a mere 4% of new client investments and holding $10 billion in funds under management (FUM), managed accounts today represent 25% of net client flows, with total FUM expanding to $205 billion across over a thousand options. - read more

Tue, 08 Apr: The Australian Prudential Regulation Authority (APRA), the regulatory body overseeing Australia’s superannuation industry, has yet to publicly react to a series of cyberattacks targeting major super funds. The cyber incursions affected prominent institutions like AustralianSuper, Hostplus, and Australian Retirement Trust, among others. Given recent precedents, industry stakeholders anticipate that APRA may soon introduce additional license conditions to address perceived vulnerabilities. - read more