Archived News for Finance Sector Professionals - May, 2011
The Australian Government will recommend to the Governor-General that Greg Medcraft be appointed Chairman of the Australian Securities and Investments Commission (ASIC).
Mr Medcraft joined ASIC as a Commissioner in February 2009, taking responsibility for the oversight of investment banking, investment managers, super funds and financial advisers.
Mr Medcraft has nearly 30 years experience at global investment bank Société Générale in Australia, Asia, Europe and the Americas, including leadership roles in securitisation and structured finance.
Senate report recommends improvements to encourage banking competition
The Senate Economics References Committee has released the report of its inquiry into competition in Australia’s banking sector, warning that the ‘flight to quality’ that occurred as a result of the GFC has caused concentration of the banking market and increased dominants of the ‘big four’ banks which has the potential for undesirable impacts on competition.
NSW "Black Hole" blows out: Premier
The NSW Premier, Barry O’Farrell, has claimed that the $4.5 billion ‘black hole’ in the State’s finances left by the former Labor Government has blown out by an extra $759 million.
Inquiry highlights need for SME access to finance
An inquiry by the Parliamentary Joint Committee on Corporations and Financial Services on access to finance for small and medium business has found that while SMEs do have access to finance, it is on terms less favourable than prior to the global financial crisis.
KPMG launches investment consulting arm
KPMG has launched KPMG Investment Consulting to provide investment advice and support to superannuation funds and other institutional investors.
Super giant eyes financial planning role
Australia’s largest superannuation industry fund, AustralianSuper, has revealed that it will work with retail advice groups to provide its members with financial planning and advice services.
Paper calls for feedback on financial services compensation
Financial services legal expert Richard St John has released a report on issues surrounding compensation for investors in financial services products.
Future of Financial Advice reforms get mixed reception
The Federal Government has released an information pack outlining details of its Future of Financial Advice reforms, sparking widely differing responses from across the industry.