Fund Product, Company and Regulatory Updates as at 31 July 2018

Product Updates

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HUB24 launches low-cost option for newbies
HUB24 is launching a new core offering aimed at new entrants to the investment market, for those with low account balances or less sophisticated investment styles. The new option offers a limited investment menu of diversified managed portfolios from third-party providers. 

BTFG introduces new fee structure for BT Panorama, launching online hub
BT Financial Group is releasing a new fee structure for BT Panorama in a condensed version of the platform, while also releasing an online adviser services hub. 

Company Updates

Catholic Super switches investment consultant
After five years, the Australian Catholic Superannuation and Retirement Fund has moved from Willis Towers Watson to Frontier Advisors as its investment consultant. 

New super fund launched for millennials
Zuper is a new super fund aimed at millennials who want more say in where their superannuation is invested. Zuper offers two core investment options, with members able to allocate up to 20 per cent of their balance in growth portfolios that match their values and interests, with options being Health, Green, and Tech. 

Regulatory Updates

ASIC approves banking code of practice
ASIC has approved the Australian Banking Association's (ABA's) brand new Banking Code of Practice, with significant changes made to the code during the review process. The new code comes into play from 1 July 2019, and protects small businesses borrowing money and being exposed to unfair contract terms, amongst other consumer protections. 

ASIC updates funds management industry guidance
ASIC has released seven new and updated regulatory guides for the funds management industry. The changes arose from the Asia Region Funds Passport and brings all fund management policies up to date.