Archived News for Finance Sector Professionals
The Australian Securities and Investment Commission (ASIC) has announced it will be examining the quality of financial advice via ‘shadow shopping’ research in 2011, with a focus on advice provided to people at retirement.
The definition and gradations of ‘quality’ retirement financial advice will be established by ASIC in consultation with an expert reference group that includes both industry and consumer group representation. This group is currently being assembled by ASIC.
ASIC Commissioner Greg Medcraft said, ‘ASIC is focusing on retirement advice because the numbers of people getting ready to retire is growing, particularly baby boomers. Around 20% of the current super pool is in retirement products, such as de-accumulation products, and this is likely to double over the next decade. It’s critical people make good decisions about their retirement and get quality retirement advice to make the most of their retirement savings.’
ASIC launches new MoneySmart website and National Financial Literacy Strategy
The Australian Securities and Investment Commission has launched a new personal finance website called MoneySmart to help people make good financial decisions by providing free, independent and unbiased information, tools and motivation.
Bank of Melbourne to be relaunched
Westpac has announced it will relaunch the Bank of Melbourne in August.
Consumer confidence in WA falls
Consumer confidence in Western Australia's economic performance has dropped to its lowest level since the global financial crisis, a recent survey shows.
Australia holds ranking in venture capital and private equity index
The 2011 edition of the Global Venture Capital and Private Equity Country Attractiveness Index has ranked Australia seventh out of 80 participating countries, behind the United States, the UK, Canada, Singapore, Switzerland and Japan.
New appointments to Takeovers Panel
Six new members have been appointed to the Takeovers Panel, which provides a mechanism for peer review of takeovers activity.
Forum to focus on Government tax reform agenda
The Australian Government is to hold a Tax Forum at Parliament House in Canberra on Tuesday October 4 and Wednesday October 5, to be attended by around 150 representatives of community groups, businesses, unions, and governments, as well as academics and tax practitioners.