Fund Product, Company and Regulatory Updates as at 13 February 2018

Company Updates

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Industry veteran acquires SMSF Alliance
David Busoli, former executive manager of SMSF education at SuperConcepts, has acquired Brisbane-based SMSF Alliance.

FTSE Russell partners with Qantas Super, launches gender diversity indices
FTSE Russell has created the FTSE All-World ex Australia New Tax (Super) Index Series, in partnership with Qantas Super. The series is aimed at measuring the performance of global equities on an after-tax basis. A series of indices has been launched by FTSE Russell to meet the demand for more transparent environmental, social and governance (ESG) factors in passive investments. The FTSE Women on Boards Leadership Index Series is designed to integrate companies' social impact and gender diversity leadership into a broad market benchmark.

Pacific Current sells insto investment firm stake
Pacific Current Group sold its stake in institutional investment firm Goodhart Partners for $2.9 million. The stake has been sold to Alan Bartlett and Peter Taylor, founders of Goodhart, along with other firm members.

New website launched by The Tax Institute
Tracey Rens, president of the tax institute, has announced the launch of a new website to support the career progression of women in legal, tax, and accounting professions. The website features profiles of successful tax practitioners and their career journeys, and lessons and advice from professionals.

Instreet Investment increases holding in Acorns Grow
Instreet Investment Limited has announced that it has increased its holding in Acorns Grow Australia Limited, through its subsidiary Instreet Acorns Limited.

Regulatory Updates

Civil proceedings against CBA commence
ASIC has commenced legal proceedings against the Commonwealth Bank (CBA) in the Federal Court in Melbourne for market manipulation and unconscionable conduct between 31 January 2012 and October 2012.

ASIC removes OpenMarkets licence conditions
ASIC and OpenMarkets Australia Limited (OpenMarkets) have agreed to remove additional licence conditions imposed on 10 July 2017. The removal of the additional conditions follows the completion of an independent review of the implementation of recommendations.  

ANZ refunds undisclosed charges
ANZ will refund $10.2 million to 52,135 business credit card accounts after failing to properly disclose interest charges and fees for the Business One product.

Westpac credit card remediation update
Westpac has remediated roughly $11.3 million to 3,400 credit card customers after ASIC raised concern surrounding its credit card limit increase practices.