Insurance, Funds And Super

• John Kavanagh

The sale of Challenger Ltd’s banking subsidiary to Heartland Group was expected to be completed by the end of June 2023, but yesterday Challenger disclosed that the transaction will not be completed u.. read more

• John Kavanagh

NAB will restructure its wealth business in New Zealand, merging it with Jarden Wealth and Asset Management Holdings and introducing private equity firm Pacific Equity Partners as a third shareholder. read more

• John Kavanagh

The Australian Taxation Office has issued a warning to trustees of self-managed superannuation funds about prohibited lending activity. read more

• John Kavanagh

Bendigo and Adelaide Bank is getting out of the superannuation market, announcing yesterday that it will sell Bendigo Superannuation Pty Ltd to Betashares. read more

• Banking Day staff

Suncorp Group has priced an issue of floating rate subordinated notes, raising A$600 million at a margin of 235 basis points over the three-month bank bill swap rate. read more

• John Kavanagh

The Federal Court has approved a settlement reached in relation to a class action brought against Commonwealth Bank alleging mis-selling of consumer credit insurance. read more

• John Kavanagh

The government’s financial accountability reform bill was passed in the Senate yesterday, extending executive accountability rules beyond banks to include the superannuation and insurance industries. read more

• George Lekakis

The push by government agencies to mandate real time payments in critical parts of the financial services industry is set to generate more opportunities for startups to build scale swiftly. read more

• George Lekakis

An Australian fund manager with mandates from a string of leading superannuation funds is continuing to offload its exposure to AMP. read more

• George Lekakis

The latest round of enterprise negotiations between the Finance Sector Union and the country’s largest superannuation fund, AustralianSuper is highlighting an awkward conflict of interest involving th.. read more

• John Kavanagh

Unitholders of Partners Group Global Income Fund have backed a move by the fund’s responsible entity to remove it from the official list of the ASX and continue operating as an unlisted unit trust. read more

Asset manager MA Financial Group has acquired US credit asset manager Blue Elephant Capital Management, as it pushes further into the credit and fixed income investment markets. read more

• George Lekakis

Australian Super is struggling to deal with problems flowing from its bungled rollout of new internet and mobile service platforms in November, with members saying they are still unable to submit onli.. read more

• John Kavanagh

Of all the reforms to financial sector regulation in the wake of the Hayne royal commission, the one that made the biggest impact in 2022 was the Design and Distribution Obligation, which gives ASIC p.. read more

• George Lekakis

AustralianSuper faces a wave of official complaints and significant member losses as technical problems affecting its error-plagued new digital portals spill into a fifth week. read more

• Banking Day staff

The ACCC has started its formal consideration of ANZ’s proposed acquisition of Suncorp’s banking business. read more

• George Lekakis

Super Consumers Australia has called on AustralianSuper to resolve its technology problems amid concern that pension-phase members of the fund may not be able to adjust their income payments ahead of.. read more

• George Lekakis

The Australian Financial Complaints Authority has confirmed it is receiving a flow of complaints from members of Australian Super after a bungled technology upgrade last month resulted in thousands of.. read more

• George Lekakis

Thousands of members of the country’s largest superannuation fund – Australian Super – have had no access to their pension and accumulation accounts for almost two weeks after a bungled technology ove.. read more

• John Kavanagh

Borrowing by superannuation funds to finance investments is unlikely to pose a material risk to the superannuation or broader financial systems, a review of leverage in the super system has found. read more