PIMCO Launches Fixed Income Fund
PIMCO has a new Australian actively-managed fixed-income fund, PIMCO Income. Fund objectives are to provide consistent monthly returns, and provide modest capital appreciation over the long term. The fund's managers are Dan Ivascyn and Alfred Murata.
Mortgage Choice Launches '95% Accurate' Retirement Income Calculator
The retirement income calculator launched by Mortgage Choice (with Investfit) is said to be up to 95 per cent accurate, unlike other calculators, which have much lower levels of certainty because they are run on averages.
QSuper Launches Insurance Company
Queensland superannuation fund QSuper has set up its own insurance company, QInsure, to insure its 550,000 members.
First State Super Buys StatePlus From State Super
FSS and State Super have reached an agreement regarding the purchase of StatePlus, for a reported $1 billion.
HSBC to Review and Remediate After 'Deficient Advice' Concerns
ASIC has accepted an enforceable undertaking from HSBC Bank Australia after concerns were raised regarding advice on retail structured products. HSBC must review and remediate clients who may have received deficient advice between January 2009 and March 2013.
Credit Suisse Pays $74,000 Penalty
Credit Suisse Australia has paid an infringement notice penalty for a contravention of ASIC market integrity rules due to an Automated Order Processing system fault that caused price increases in two classes of illiquid shares. Credit Suisse was not believed to have had appropriate automated price filters in place.
Marigold Falconer AFSL Suspended
ASIC has suspended the Australian financial services licence of Marigold Falconer International Limited until the end of May due to a lack of professional indemnity insurance and non-lodgement of audited financial statements for 2015.
New Tax Rules For Properties Over $2 million
Australians buying or selling real property with a market value of $2 million or more must, from 1 July 2016, obtain a clearance certificate from the ATO to confirm a 10 per cent withholding amount does not need to be withheld from the transaction. The certificate is valid for 12 months from issue. Read more