FRIDAY WEALTH MANAGEMENT UPDATE 22 Oct 2021

Commonwealth Bank launches new payment terminal ‘Smart’, integrating the latest tech and features to transform payments in Australia. https://www.commbank.com.au/articles/newsroom/2021/10/Reimagining-payments-Aussie-businesses.html

HUB24 to acquire Class Ltd. https://www.class.com.au/news/class-ltd-announces-it-has-entered-a-scheme-of-arrangement-with-hub24-ltd/

CFS partners with BlackRock to enhance its approach to managing investments in the FirstChoice Lifestage portfolios. https://www.cfs.com.au/personal/news-and-updates/latest-from-cfs/colonial-first-state-partners-with-blackrock-to-manage-firstchoice-lifestage-portfolios.html

… also ordered to pay $20 million penalty by Federal Court for misleading superannuation members. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-276mr-colonial-first-state-to-pay-20-million-penalty-for-misleading-superannuation-members

IOOF to rebrand as Insignia Financial later this year. https://www.moneymanagement.com.au/news/financial-planning/ioof-rebrand-insignia-financial

2 of Perennial Value’s trusts receive ‘recommended’ ratings from Lonsec. https://perennial.net.au/perennial-value-trusts-receive-recommended-ratings-from-lonsec/

The Better Advice bill passes Parliament. https://ministers.treasury.gov.au/ministers/jane-hume-2020/media-releases/better-advice-bill-passes-parliament

Abrdn launches a new strategy in Australia. https://www.financialstandard.com.au/news/abrdn-launches-new-strategy-179790157

ETFs and ETPs last month record net inflows of over US$14 billion. https://www.investordaily.com.au/latest-news/50123-record-inflows-continue-for-active-etfs

Superhero announces availability of Bitcoin ETF. https://www.financialstandard.com.au/news/superhero-offers-access-to-bitcoin-etf-179790178

FinClear wins mandate from Ord Minnett. https://finclear.com.au/finclear-signs-long-term-clearing-agreement-with-ord-minnett/

Rainmaker reveals default MySuper fees drop to 1%. https://www.financialstandard.com.au/news/default-mysuper-fees-drop-to-1-rainmaker-179790159

BC Invest acquires 53% stake in Mortgageport. https://www.mortgagebusiness.com.au/breaking-news/16147-bc-invest-acquires-majority-stake-in-mortgageport

SQM Research awards superior rating to 2 TPT Wealth income funds. https://www.adviservoice.com.au/2021/10/tpt-wealth-awarded-superior-rating-for-two-income-funds-by-sqm-research/

AFMA calls on government to scrap the interest deductibility cap for foreign banks. https://www.investordaily.com.au/regulation/50122-afma-calls-time-on-libor-cap

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