Vision Super lowers admin and investment fees
Vision Super has cut costs and as a result, fees for members. The asset fee component of the administration fee has reduced, while administration fees have also been cut.
Mercer and Kogan partner for a new super fund
A new no-bells-and-whistles low-fee superannuation fund is being launched by Mercer and Kogan in partnership, Kogan Super. The fund will use Kogan’s digital systems, aiming to be an ultra-cheap super fund. Mercer will provide the backend administration, investment management and customer service to the fund.
Nikko closes two Australian equity funds
Asset manager Nikko has closed two actively managed Australian equity funds, the Nikko AM Australian Share Value Fund and the Nikko AM Australian Share Fund. The funds will be consolidated into a new product range to increase efficiencies. Investors may opt to switch to the Nikko AM Australian Share Wholesale Fund.
The Commonwealth Bank has announced the sale of its 80 per cent stake in PT Commonwealth Life, an Indonesian life insurance company, to FWD Group. CBA is also selling its global asset management business, Colonial First State Global Asset Management (CFSGAM), to Mitsubishi UFJ Unit Trust and Banking Corporation (MUTB) for $4.13 billion.
Financial Circle to pay $9m in fines for loan scheme
A Melbourne-based financial advisory company is in hot water after providing loans of up to $5,000 to customers, but only if they agreed to have ongoing financial advice from the firm, and agree to follow the advice. This advice often recommended changes in superannuation funds and insurance cover. ASIC’s investigation has resulted in $9 million in fines for the company, with contraventions of various laws. The company is banned from providing financial services and credit.
Westpac to pay $3.3m for BBSW saga
The Federal Court has ordered Westpac to pay $3.3 million in penalties for its involvement in the bank bill swap rate situation that occurred earlier in 2018. The penalty is for contravening the Act.