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Fund managers and life insurance companies say the governmentâs bid to clean up outdated legacy wealth management products will help shift retirees out of dud products that have been a sticking point between the sector and the regulator for years.
Treasurer Josh Frydenberg on Tuesday unveiled a two-year amnesty for customers who had bought into wealth management or life insurance products - prior to September 2007 - to exit those legacy products and stick their savings into an accumulation product with a super fund or a new product.
Legacy products have been a thorn in the side for the wealth management sector - and financial regulators - for years.
The federal government plans to ramp up immigration once Australia s borders reopen, Budget papers have revealed.
Treasury argued population growth needed to be turbocharged again to boost economic activity over the longer-term and save the apartment building sector.
Before the pandemic, Australia had an annual population growth pace of 1.5 per cent - among the highest in the developed world - despite repeated polls showing most Australians are in favour of reducing immigration.
Sydney and Melbourne were absorbing the bulk of new arrivals - with each city adding 100,000 new residents a year despite already being home to more than 5million people.
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By Kate Weber on May 11, 2021 1:20PM
Gains Federal Court approval.
NAB has been granted Federal Court approval to acquire neobank 86 400.
The bank has been in the process of collecting regulatory approvals to buy the neobank since January this year, and plans to use 86 400’s technology capability to advance its own digital bank offering, UBank.
NAB originally held 18.3 percent of 86 400 before announcing plans to purchase the remaining shares for $220 million.
According to NAB, the next step will see UBank customers moved onto the 86 400 technology platform.
Since the announcement of the proposed sale, NAB has had to gain various regulatory approvals including from the Treasurer, with the Federal Court support today the last hurdle for the bank.
Date Time
APRA releases proposed changes to ADI quarterly reporting due dates
The Australian Prudential Regulation Authority (APRA) has released a response letter to submissions on a proposed standardisation of quarterly reporting due dates for authorised deposit-taking institutions (ADIs).
/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.
Why?
Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don t put up a paywall – we believe in free access to information of public interest.
Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held