Fund Product, Company and Regulatory Updates as at 29 October 2018

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Product Updates

Vision Super launches app
A mobile app is now available for members of industry superannuation fund Vision Super. The app allows balance checks, statements, communications, investment option switches, insurance cover, and personal detail updates.

New ETFs launched by Vanguard, VanEck, BetaShares
Two new exchange-traded funds (ETFs) are being launched on the ASX by Vanguard. The Vanguard MSCI International Small Companies Index ETF and the Vanguard Global Infrastructure Index ETF will be available soon. VanEck has launched its new Vectors China New Economy ETF, while BetaShares has launched its Global Income Leaders ETF.

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Company Updates

BTFG divests further tobacco stocks
BT Financial Group is now extending its exclusion framework for tobacco and controversial weapons to internally managed investments upon customer demand. The changes apply to most of the company’s internally managed funds from 1 October 2018. The remaining funds will be examined in the future.

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Regulatory Updates

ASIC reviewing CBA’s Dollarmites
ASIC has revealed it is to examine school banking programs after recent criticism by consumer watchdog Choice. Commonwealth Bank’s Dollarmites program is the oldest kids’ banking program in Australia, and is being looked into by the regulator.

Red Summit AFS licence suspended
Red Summit Trading Partners in Western Australia has had its Australian financial services (AFS) licence temporarily suspended after the business ceased to provide financial services due to staffing changes. Red Summit has six months to resurrect its financial services business and get its licence back.