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No comfort for retirees in Senate’s scathing indictment of ASIC’s failings

A lengthy inquiry into the regulator has exposed a ‘toothless tiger’. Investors in the defunct Dixon Advisory, who are still waiting for compensation and criminal charges to be laid, would only agree.

Nicholas Way | 10th Jul 2024 | More
‘Be prepared to lose all of your money’: Retail investors warned to avoid hype

Ahead of screenings of a new film about the 2021 GameStop short squeeze, Australians will see a warning about the risks and regulatory perils of social media and market manipulation, part of a new ASIC campaign aimed at preventing ‘dumb money’ losses.

Lisa Uhlman | 1st Nov 2023 | More
  • Rule letting pensioners earn extra $4,000 in income set to go permanent

    The additional income allowance had been set to end in 2024, but the government wants to make it permanent, enabling older Australians to earn nearly $12,000 in annual work income without affecting their pensions.

    Lisa Uhlman | 27th Sep 2023 | More
    Government opens consultation on codifying objective of super

    The bill would require any future legislation affecting superannuation to comport with the objective of preserving savings “to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.

    Lisa Uhlman | 6th Sep 2023 | More
  • ASIC unveils plan to protect vulnerable consumers, small businesses

    The regulator will target predatory lending practices and misconduct against small business, with a focus on scams, particularly where conduct hurts retirement outcomes. It’s also looking into how banks responds to customers in financial distress.

    Lisa Uhlman | 30th Aug 2023 | More
    ATO should hold off on ‘unfair’ SMSF income rule, groups say

    With Treasury currently considering amendments to provisions governing non-arm’s-length income and expenses (NALI/E), the SMSF Association and other professional bodies say the ATO should not rush a controversial tax determination about NALI and capital gains tax in SMSFs.

    Lisa Uhlman | 16th Aug 2023 | More
    Taxpayers warned to shape up as ATO boosts data-matching power

    The Australian Taxation Office has extended its data collection to more rigorously check taxpayers’ numbers in their FY23 tax returns and cut down on tax cheats. Property investors and those making work-related claims are high on the target list.

    Nicki Bourlioufas | 28th Jul 2023 | More
    Retirement roadmap aims to get Australians spending more super

    The Financial Services Council commissioned the Retirement Income Policy Roadmap to help the superannuation system put greater emphasis on the drawdown phase. Industry leaders say the biggest hurdle is a deeply entrenched fear of running out of money.

    Lisa Uhlman | 26th Jul 2023 | More
    EY, Deloitte execs deny conflicts as calls build to break up Big Four

    While the firms agreed there’s an opportunity to review the regulatory oversight of consulting firms, they told a Senate inquiry they had no plans to voluntarily break up their businesses, despite claims of inherent conflicts of interest.

    Lisa Uhlman | 19th Jul 2023 | More
  • Big-four CEOs defend profitability, rate settings at bank competition probe

    Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

    Lisa Uhlman | 14th Jul 2023 | More
    Reprieve in sight for franked distributions funded by capital raisings

    Stakeholders have welcomed a recommendation from the Senate Economics Legislative Committee that the government review its controversial plan to limit franking credits stemming from capital raisings and share buybacks.

    Tahn Sharpe | 7th Jun 2023 | More
    Sophisticated investor test draws scrutiny in financial services inquiry

    The test allows investors who can certify that they earn $250,000 a year or have more than $2.5 million in net assets to access higher-risk securities normally off-limits to individuals. But many say the test is confusing and outdated, and an independent statutory body has called for an update.

    Lisa Uhlman | 2nd Jun 2023 | More
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