Financial Services Online News Headlines

Thu, 21 Nov: Artificial Intelligence (AI) has rapidly become a focal point in modern financial planning, offering the potential to transform how advisers interact with clients. By providing automated solutions for routine tasks and analyzing vast data sets, AI promises increased efficiency and more personalized financial recommendations. - read more

Thu, 21 Nov: Australia's digital investment platform, Stockspot, has made a strategic leap into the superannuation sector by launching its pioneering superannuation product, uniquely centered around exchange-traded funds (ETFs) and developed in collaboration with wealth tech giant, DASH. - read more

Thu, 21 Nov: An emerging report highlights new challenges young Australians encounter as they attempt to step onto the property ladder, exacerbating the already elusive homeownership dream. - read more

Thu, 21 Nov: In recent months, Muswellbrook, a town in New South Wales, has experienced a series of earthquakes that have left residents grappling with both physical destruction and emotional distress. Criticism is mounting against insurers as more than 600 claims have emerged, following these seismic events, yet many remain unresolved or denied. - read more

Wed, 20 Nov: The financial advisory sector in Australia is poised for significant expansion, with the potential to extend advisory services to an additional 650,000 clients. This promising development hinges on resolving existing regulatory barriers. A detailed analysis by Empower Business Advisory, sponsored by Colonial First State, underlines this potential shift in the industry landscape. - read more

Wed, 20 Nov: CareSuper, buoyed by its recent successful merger with Spirit Super, is setting its sights on further expansion. In a bold move, the fund has announced its intention to explore a partnership with The Meat Industry Employees’ Superannuation Fund (MIESF). This potential tie-up marks a significant step in CareSuper's strategy to enhance its market presence and service offerings. - read more

Wed, 20 Nov: Amid the global economic shifts, Australian homeowners, notably exposed to fluctuating interest rates, have defied pessimistic predictions and demonstrated resilience. Unlike many countries, most Australian mortgages are subject to variable interest rates, which heightens sensitivity to cash rate changes. - read more

Wed, 20 Nov: The Insurance Council of Australia (ICA) has raised concerns about the potential fallout from a fragmented regulatory approach to artificial intelligence and automated decision-making in the industry. There is fear that this patchwork of reforms could result in conflicting requirements, heavier compliance burdens, and increased industry confusion. - read more

Tue, 19 Nov: The cost of running a financial advice practice in Australia is notably consumed by administration and compliance efforts, with these activities accounting for over half the expenses, as revealed in a recent industry analysis. - read more

Tue, 19 Nov: Recent analysis by global consultancy firm, bfinance, highlights the ongoing strategic adaptation by superannuation funds as they navigate the 'Your Future, Your Super' (YFYS) performance benchmark. Funds are carefully reevaluating their investment frameworks to meet criteria, particularly concerning fees and equity allocations. - read more

Tue, 19 Nov: In a recent development within the financial sector, the National Australia Bank (NAB) finds itself embroiled in a legal dispute initiated by the Australian Securities and Investments Commission (ASIC). At the center of the controversy are allegations that the bank failed to timely respond to hundreds of loan hardship applications from its customers. - read more

Tue, 19 Nov: A recent analysis by the Australian Prudential Regulation Authority (APRA) reveals that over 90% of general insurers and reinsurers anticipate climate change will influence their underwriting procedures, posing new challenges to the industry. - read more

Mon, 18 Nov: The festive season often brings cheer but also the looming concern of increased expenses, particularly for the Christmas meal. Many Australians face a potential spike in cost-of-living during December, but a well-thought-out shopping strategy might offer financial relief. - read more

Mon, 18 Nov: A recent analysis highlights an unsettling trend: only a little over half of retirees find the retirement income plans offered by their superannuation funds meet their expectations. This insight emerges from the 2024 Retirement Income Report, a joint effort by Investment Trends and Brighter Super. - read more

Mon, 18 Nov: A fintech startup rooted in Melbourne, MezFi has unveiled its innovative investor avenue geared towards simplifying access to the global mezzanine finance arena using blockchain technology. This platform is suited for retail investors in Australia and New Zealand, utilizing the Ethereum blockchain to facilitate investment. - read more

Mon, 18 Nov: In a remarkable case highlighting the severe consequences of insurance fraud, an individual's attempt to inflate a theft insurance claim has resulted in the total denial of compensation. Despite a significant portion of the claim being genuine, fraudulent actions negated any potential payout. - read more

Fri, 15 Nov: In the evolving landscape of asset management, fund managers face the constant challenge of creating products that are not only cost-effective but also valuable to clients. Macquarie Asset Management (MAM) has carved out a niche in this environment with its launch of two core active ETFs, poised to meet the needs of investors seeking both relevance and superior performance. - read more

Fri, 15 Nov: In a significant resolution, Cbus has concluded more than 6000 death and disability claims, with CEO Kristian Fok extending apologies to the those impacted. This comes in the wake of ongoing judicial proceedings initiated by the Australian Securities and Investments Commission (ASIC), which alleged systemic failures in the timely processing of over 10,000 claims. - read more

Fri, 15 Nov: Australia's unemployment rate remained fixed at 4.1% this October, marking the third consecutive month without change, according to newly released Australian Bureau of Statistics data. Despite this steady figure, the growth of new jobs appears to be waning. - read more

Fri, 15 Nov: A UK brokerage owner has been ordered to pay a substantial fine exceeding £1 million (approximately $1.96 million) and has been barred permanently from the financial services industry. This comes after regulators found him guilty of financially mismanaging funds intended for insurers and providing misleading information. - read more

Thu, 14 Nov: Colonial First State (CFS) is enhancing its Edge platform by introducing a diverse range of international managed accounts, aiming to offer a broader spectrum of investment opportunities both for advisers and their clients. This strategic launch includes collaborations with notable global equity firms such as T.Rowe Price, CBRE, ClearBridge, and Lazard Asset Management. - read more

Thu, 14 Nov: Australian investors are rewriting the record books in the exchange-traded fund (ETF) sector, with data from BetaShares illustrating impressive growth figures that have taken the market by storm. Inflows have surged to $23.7 billion by October, far exceeding the previous yearly high of $23.2 billion established in 2021. - read more

Thu, 14 Nov: The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against United Super, accusing the trustee of Cbus superannuation fund of mishandling numerous death and disability claims. - read more

Thu, 14 Nov: As climate change persists, the impact of severe weather on insurance premiums is becoming more evident, pushing affordability out of reach for many Australians. Bernadette Systa, a mother of five, faced an undeniable financial strain as her annual home and contents insurance costs surged from a modest amount to more than twice what she initially paid. This experience echoes a growing dilemma faced by households across the country. - read more

Wed, 13 Nov: Mason Stevens, a recognized leader in wealth platform solutions, is charting a fresh course with the appointment of Brad Creighton as their new head of asset allocation. His addition signals a strategic push to enhance the firm's dynamic asset solutions for its clientele. - read more