SelfWealth launches ETF for SMSFs
SelfWealth, an online brokerage company, is launching a new exchange-traded fund (ETF) targeted at self-managed superannuation funds (SMSFs), the SelfWealth SMSF Leaders ETF.
Premier Asset Management winds up 17-year-old fund
The Premier Global Select Fund is being wound up by Premier Asset Management, with $35 million in assets under management invested primarily in exchange-traded funds.
Praemium upgrading platform for advisers and investors
Major upgrades are to be implemented in the coming month on Praemium’s integrated managed accounts platform servicing investors and advisers. The upgrade involves technology, coverage of managed accounts and investments, and improved user experience.
Australian Ethical selling stake in IOOF
IOOF is being ditched by Australian Ethical for a failure to put governance and conflicts management arrangements into place for the security of superannuation members over a long period, and breaching the Australian Ethical Charter.
MLC reduces wrap admin fees
Wrap administration fees have been slashed at MLC Wealth, while the admin fees for MLC MasterKey Super and Pension Fundamentals products have also been cut. Over 200,000 customers are expected to benefit. The cuts include:
Clients with up to four family members will be treated as a single group with admin fees capped at $3,600 per superannuation family group and $3,000 per investment group.
For retail MasterKey Super and Pension Fundamentals product, fee cuts are from April 1, on a sliding scale based on size of balance
MTAA Super cuts fees
Administration fees are now $1.50, down from $1.60, at MTAA Super, a saving of six per cent per year. Exit fees on rolled-out funds are also to be eliminated. Pension accounts will see a reduction in fees from 0.15 per cent to 0.10 per cent, and fee caps on pension accounts will increase from $300,000 to $450,000 to keep those with lower balances with more funds in retirement.
Rest launches no-fee investment options
Rest industry super has launched indexed options without investment fees, with three new choices: Australian shares, global shares or a balanced option.
Kaz Capital with imposed licence conditions
ASIC has imposed extra licence conditions on Kaz Capital, with ASIC concerned that there were issues with the adequacy and effectiveness of the company’s compliance framework, specifically the monitoring of advisers and meeting compliance obligations.
CFS Private Wealth wound up after ASIC investigation
The Federal Court of Australia has wound up CFS Private Wealth and Combined Financial Solutions after an ASIC investigation. Director Graeme Miller has been banned from providing financial services for 25 years and is disqualified from managing a corporation for three years.
Miller used investment funds from self-managed superannuation fund clients for his own personal purposes and for interest payments to other clients. CFS Private Wealth contravened the Act in multiple ways, including not lodging financial reports for 2016 and 2017, and late lodgements for 2010, 2011, 2013 and 2015. Documentation was also lacking on client files, such as the names of clients, amounts invested, amounts repaid (where applicable), and the name of the company they were invested in.