Fund Product, Company and Regulatory Updates as at 24 December 2019 - 7 January 2020
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Product Updates
TPT Wealth launches new platform for digital services
MyState’s wealth management business, TPT Wealth, has launched its new platform to offer investors in managed funds digital services across Australia. The platform is set to allow investors to manage national investments online, including making trades or topping up investments. Some online applications are also available.
BetaShares launches new diversified ETFs
A new range of low-cost, multi-asset diversified exchange-traded funds have been listed by BetaShares on the ASX for retail investors. All four ETFs are now available on the ASX, in global and local markets. Allocations vary between 25 per cent growth to 75 per cent defensive and 90 per cent growth and 10 per cent defensive, and are the first ASX-listed ETFs to use an open construction approach.
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Company Updates
Iress buys blockchain comms platform
BV Gateways, a blockchain communication platform for the secure exchange of data in the financial services industry, has been acquired by Iress
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Regulatory Updates
Halifax Investment Services AFS licence further suspended
The Australian Securities and Investments Commission (ASIC) has further suspended the Australian financial services (AFS) licence of Halifax Investment Services until 2021. Halifax can continue to operate its licence for limited services as it wound up.
Second consultation package for Superannuation Data Transformation released
The Australian Prudential Regulation Authority (APRA) has published its second consultation package regarding Superannuation Data Transformation. The multi-year project was launched in late 2019 and is set to upgrade the breadth, depth and quality of superannuation data collection. The goal is to improve industry practices and member outcomes. The latest topics to be released include performance and member accounts. Submissions for these proposals close 14 February 2020.
Find the topic papers and draft reporting on APRA’s website.
Pershing Securities charged with breaching client money obligations
Pershing Securities Australia, an ASX and Chi-X market participant providing execution, clearing and settlement services to other financial intermediaries and their clients, has been charged with two counts of failing to pay client money into an account and one count of failing to comply with their requirements in terms of a client money account.
ASIC alleges that over a two-year period, Pershing contravened criminal offence provisions in the Corporations Act. Separately, Pershing has accepted additional licence conditions imposed by ASIC on its AFS licence.
HESTA pushing for simpler super splitting
HESTA is working with Women’s Legal Service Victoria (WLSV) to make splitting up superannuation assets easier for women, who may miss out on their fair share of superannuation when a relationship ends. Dividing superannuation assets up using the family law system can be complex and costly, with vulnerable or low-income women walking away from money that is rightfully theirs. Women in Super is advising, with discussions involving the government, regulators and Federal Circuit Court.
The first goal of the groups is to eliminate the need for legal advice for a straightforward division of superannuation assets using a simple form for court orders. Currently, super splitting processes differ between funds.
APRA approves IOOF to hold controlling stake in OnePath Custodians
APRA has approved an application by IOOF Holdings Ltd and Australian Wealth Management Limited to hold a majority stake in OnePath Custodians Pty Limited and Oasis Fund Management Limited. OnePath and Oasis are currently owned by ANZ.
Avanteos with extra licence conditions after charging fees to dead members
Avanteos Investments was charging fees to thousands of dead superannuation members, with a total financial impact of $6 million (including interest). Remediations have been made. APRA imposed additional licence conditions on the firm after its self-reported and was referred by the Royal Commission earlier in 2019.
