Employers get SG amnesty for another six months

Under amending legislation passed in Parliament this week, employers who have failed to comply with their super guarantee (SG) obligations will have an amnesty for another six months to come forward and pay their workers’ SG shortfall without ATO penalties.

IOOF faces second class action

IOOF Holdings Ltd is facing a second class action from shareholders who want to recover losses from alleged non-disclosures and potentially misleading and deceptive conduct affecting IOOF share purchases from March 1, 2014, to July 7, 2015, inclusive. Shine Lawyers launched the class action on behalf of the shareholders after LS Fund Services, a part…

Medibank urges medical cost reduction

Further government reforms enabling the the private health insurance system, including third-party payors and providers, were needed “to remove unnecessary costs” and ensure the future sustainability of Australia’s health system, Medibank CEO Craig Drummond said on the release of the company’s 1H20 results, dented by rising claims costs.

Nib posts ‘disappointing’ result

Nib’s 1H20 results were “disappointing” and indicative of prevailing industry pressures and escalating competition, Nib CEO Mark Fitzgibbon said today. In an investor presentation, the private health insurer reported a 27.2% drop in underlying operating profit (UOP) on 1H19, to $83.2m, while group revenue was up 6.4% to $1.3bn.

Freedom remains in ‘holding pattern’

Freedom Insurance Group Ltd is in a “holding pattern” Freedom Insurance Group Ltd chair Pauline Vamos told shareholders today at an extraordinary general meeting (Insurance News, February 18).

Rising PI rates, regulatory costs force advisers out of industry

The financial advice industry is facing thousands of job losses as practitioners are forced out of the industry by increasing regulatory and compliance costs from rising professional indemnity (PI) insurance rates and restructure of the licensee market, an Adviser Ratings (AR) report reveals.

Younger members continue to abandon PHI funds

APRA’s latest quarterly private health industry (PHI) figures show younger members continue to abandon PHI funds. The biggest drop in 2Q20 on 1H20 was among 30-34-year olds, down 10,286 and the biggest net decline, taking into account movement between age groups, was in the 25-29 age group, down 11,649. In all, 11.2m people, or 44%…

AFCA 2Q20 retirement standard up 0.8%

ASIC has taken action against several of SMSF auditors after concerns about their failure to meet requirements, including independence and auditing standards, failing to comply with continuing professional development (CPD) requirements and otherwise not being fit and proper persons.

Prime 1H20 revenue stays at $11.1m

Prime Financial Group Ltd has reported unchanged 1H20 revenue on 1H19 at $11.1m while earnings before interest, depreciation and amortisation (EBIDA) was up 15% to $2.4m.

ASIC takes action against SMSF auditors

ASIC has taken action against several of SMSF auditors after concerns about their failure to meet requirements, including independence and auditing standards, failing to comply with continuing professional development (CPD) requirements and otherwise not being fit and proper persons.

People

Genworth Mortgage lnsurance Australia Ltd director Gayle Tollifson is retiring on March 15, after eight years on the board.