Some Australian pension funds may be derelict in duty, inquiry hears

By Paulina Duran SYDNEY, Aug 17 : Some of the firms that manage funds within Australia’s A$2.6 trillion ($1.9 billion) pension system may not be complying with their legal duty to put the interests of customers ahead of their own, a powerful inquiry into financial misconduct heard. Over the past two weeks, the Royal Commission […]

Waterbomber pilot killed fighting Australian wildfires

By Erin Cooper SYDNEY, Aug 17 : A helicopter pilot died on Friday when his aircraft crashed while waterbombing rare winter bushfires in Australia that have swept across its drought-stricken southeast, police said. About 75 fires are burning across New South Wales state, fanned by dry conditions that prompted authorities to declare a drought across […]

Australian regulators grilled on financial misconduct

By Paulina Duran SYDNEY, Aug 17 : Australia’s top financial regulators took to the stand at an inquiry into financial-sector misconduct on Friday to defend their low-key enforcement of laws designed to protect the country’s A$2.6 trillion ($1.9 trillion) pension system. Under questioning at the Royal Commission of inquiry, the Australian Prudential Regulation Authority (APRA) […]

Australian regulator defends light touch at banking inquiry

By Paulina Duran SYDNEY, Aug 17 : An Australian regulator defended its “behind-the-scenes” approach to dealing with breaches by large institutions in the A$2.6 trillion ($1.9 trillion) pension system, telling an inquiry on Friday it was to limit damage to fund members. Under questioning at a quasi-judicial inquiry into financial-sector wrongdoing, Helen Rowell, the deputy […]

Australia’s CBA tells inquiry of more fees charged to the dead, weak controls

By Paulina Duran and Byron Kaye SYDNEY, Aug 15 : Commonwealth Bank of Australia charged some estates of dead people for superannuation advice and had inadequate compliance controls in its management of retirement funds, the country’s inquiry into financial sector misconduct heard. Among Australia’s “Big Four” banks, CBA has taken the biggest reputational hit as […]

Australia, NZ dollars punished as proxies for global unease

By Wayne Cole SYDNEY, Aug 15 : The Australian and New Zealand dollars were fighting desperate rearguard actions on Wednesday as strains in emerging markets darkened the outlook for global growth, while a strengthening U.S. currency piled pressure on commodity prices. The Aussie dollar retreated to its lowest since early 2017 at $0.7203 having shed […]