Financial Services Online News Headlines

Fri, 23 May: In a significant leadership update, Rest has appointed Michael Clancy, former CEO of Qantas Super, as its next Chief Investment Officer (CIO). Clancy assumes this role following the departure of Rest’s first-ever CIO, Andrew Lill, who resigned last October, leaving interim leadership with Kiran Singh and Simon Esposito acting as co-CIOs. - read more

Fri, 23 May: During a recent gathering of the Stockbrokers and Investment Advisers Association held in Sydney, Arnie Selvarajah, co-chief executive of Bell Financial Group, highlighted an urgent need for transformation within Australia's wealth management sector. The focus of his address was the escalating demand for self-funded retirees as the country's pension system faces increasing strain. - read more

Fri, 23 May: The Australian Prudential Regulation Authority (APRA) has announced that managed accounts will now be included in the Your Future Your Super (YFYS) superannuation performance test. In its recent update, APRA clarified that separately managed accounts (SMAs) can be classified as Trustee Directed Products (TDPs), which subjects them to this performance scrutiny. This determination hinges on the specifics of how the product operates and its strategic asset allocation capabilities for beneficiaries. - read more

Fri, 23 May: Financial markets exhibited a measured response following the U.S. administration's introduction of new tax legislation, a development that is expected to significantly increase the national deficit. Despite initial positive momentum on Wall Street, much of the gains receded by the session's end. Similarly, European markets experienced mild selloffs, signaling uncertainty among investors. In Asia, a mixed response was seen, with Australia outperforming other regional markets, although with minor losses. - read more

Fri, 23 May: New findings from NobleOak reveal an upward trend in life insurance coverage among Australians, alongside a persistent gap in understanding of fully underwritten policies. According to the NobleOak Life Insurance Pulse Report, 60% of Australians aged 30 to 60 now hold life insurance, a noticeable increase from 55% the previous year. - read more

Fri, 23 May: Homeowners grappling with damaged solar power systems are set to have a substantial portion of their repair costs reimbursed. This follows a significant ruling where an ombudsman overruled the insurer IAG's application of an electronic malfunction exclusion in the claim process. - read more

Wed, 21 May: Kogan, a prominent name in the online electronics retail industry, is enduring a significant downturn with its New Zealand business, Mighty Ape, experiencing ongoing technical issues that are adversely affecting its financial performance. The company has revealed that it does not expect Mighty Ape to return to profitability until the following financial year due to complications related to a recent website upgrade. - read more

Wed, 21 May: The Australian Government's decision to implement a $3 million cap on superannuation tax concessions along with taxing unrealised capital gains has begun to shift investor interest towards Exchange Traded Funds (ETFs), as highlighted by Stockspot's CEO, Chris Brycki. - read more

Wed, 21 May: The Reserve Bank of Australia's recent decision to reduce the cash rate by 25 basis points to 3.85 per cent has stirred reactions among young Australians and financial experts. The decision provides relief for current homeowners but poses challenges for first-time buyers due to anticipated housing price increases. - read more

Wed, 21 May: The Australian Financial Complaints Authority (AFCA) has ruled on a dispute involving insurer QBE and a vehicle damage claim. While QBE has been permitted to halt the processing of the claim until the policyholder, a company director, provides additional information, the fraud allegations levied against the claimant remain unsubstantiated. - read more

Mon, 19 May: New insights from InvestSMART reveal a noticeable shift in investment preferences from Australian equity Exchange Traded Funds (ETFs) to global equity ETFs, particularly hedged international equity ETFs. This development comes in light of investors' efforts to guard against currency fluctuations. - read more

Mon, 19 May: In the wake of the recent election, the financial services sector finds itself grappling with the government's contentious superannuation legislation, targeting unrealised capital gains within accounts over $3 million. Despite facing broad disapproval, the current political landscape has limited the sector’s leverage, with the Australian Labor Party (ALP) securing a commanding victory. Now, attention shifts to possible marginal adjustments, where indexation emerges as a viable area for diplomacy and a point of interest for the Senate crossbench. - read more

Mon, 19 May: Economists are largely forecasting that the Reserve Bank of Australia (RBA) will reduce interest rates during its upcoming meeting, although recent international developments add some uncertainty to this prediction. Notably, US President Donald Trump's decision to lower tariffs on China prompted a reciprocal tariff reduction by Beijing, leading to a rise in risk asset values, including shares. - read more

Mon, 19 May: The Australian Financial Complaints Authority (AFCA) has dismissed allegations of fraud against a policyholder by Auto & General Services following an unsatisfactory investigation related to a stolen and burnt-out vehicle. The ruling in favour of the claimant highlights procedural gaps in the insurer’s investigation. - read more

Fri, 16 May: Recent data from the Australian Bureau of Statistics (ABS) revealed a historical drop in real per capita household disposable income for Australians, marking an unprecedented fall of around 8% since mid-2022. This decline represents a significant issue, with Australia experiencing the largest decrease in the developed world, according to the OECD. - read more

Fri, 16 May: Australia’s housing market has reached a significant milestone, with the total value of housing stock hitting $11.3 trillion as of April 2025. According to Cotality, formerly CoreLogic, the average home is now valued at $1 million, underscoring the considerable growth in property values. - read more

Fri, 16 May: The value of Bitcoin might soar to unprecedented levels, potentially reaching as high as US$200,000 (AU$310,000) by the end of the year. This optimistic outlook follows bolstered market sentiment and support from a crypto-friendly U.S. administration, suggests a leading voice from Global X. - read more

Fri, 16 May: Asgard, the investment platform owned by Westpac, has announced substantial increases in insurance premium rates, ranging from 0.7% to 94.6%. This decision comes in collaboration with AIA Australia following a review of its insurance offerings. The changes, which will affect clients with Asgard Personal Protection Packages, are attributed to rising costs, including claims expenses. - read more

Wed, 14 May: The Australian Securities Exchange (ASX) reached its highest level in 11 weeks, buoyed by the announcement of a temporary pause in tariff increases between the United States and China. The ASX 200 index climbed 35.50 points, or 0.43%, to 8,269, with standout performances from the energy and information technology sectors. Similarly, the All Ordinaries index saw a rise of 43.70 points, or 0.52%, closing at 8,510.70. The Australian dollar also appreciated, gaining 0.71% to 64.16 US cents. - read more

Wed, 14 May: A recent global survey conducted by the Financial Planning Standards Board reveals a growing trend among Australian financial advisers who see artificial intelligence (AI) as a beneficial tool. The study, which includes perspectives from advisers across 24 markets, highlights that approximately 82% of financial advice businesses in Australia are either currently utilizing, piloting, or planning to incorporate AI within the next year to enhance client services. - read more

Wed, 14 May: In April, Australian superannuation funds maintained a positive trajectory amid the uncertainty caused by US tariff policies under President Donald Trump. According to SuperRatings, the median balanced superannuation option achieved a modest 0.6% increase during this period, demonstrating resilience against market volatility. - read more

Wed, 14 May: The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Macquarie Securities Limited, accusing the company of engaging in misleading conduct related to the misreporting of short sales. This lawsuit, filed in the NSW Supreme Court, points to a significant duration of alleged misreporting that spanned over 14 years, from December 2009 to February 2024. - read more

Wed, 14 May: ClearView, a publicly-listed insurer, has reaffirmed its commitment as a 'pure play life insurance company' following its strategic exit from the wealth management sector. This transition, finalized in March 2025, completes a multi-year effort pivoting the company towards becoming a technologically advanced life insurance firm. - read more

Tue, 13 May: The global gold market is witnessing a significant shift as gold prices establish a new baseline floor between US$3,000 and US$3,100 per ounce. State Street's latest monthly Gold Monitor highlights this development, attributing the stabilization to a prolonged global trade war, which is likely to bolster gold demand as a safe haven and alternative to fiat currencies. - read more

Tue, 13 May: Financial and industry associations have raised significant concerns over the readiness and feasibility of the proposed implementation date for the payday super regime in Australia. The Financial Advice Association Australia (FAAA), alongside accounting bodies, the SMSF Association, and the Tax Institute, has collectively recommended delaying the regime by at least 12 to 24 months. Their submission highlights potential complications in aligning the existing superannuation contribution network with the new demands. - read more