Asia
Chinese insurers make beeline for UK and Europe
Large Chinese mainland insurance companies are on a mission to diversify their asset base and have the UK and Europe in their sights as they look to deploy their money around the world.
Australian regulator ends legal case against two LM directors
The Australian corporate regulator has abandoned a civil penalty action against two former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM).
Zurich buys Macquarie Life’s risk business
The Federal Court of Australia has approved the transfer of Macquarie Life’s risk insurance portfolio to Zurich Australia, a move that will see the Swiss firm become Australia’s fourth biggest retail insurer in the IFA segment.
Australian stockbroker took financial ‘advice’ from psychic
The head of a failed Australian stockbroking firm, which collapsed owing investors A$61m (£36m, $47m, €42m), took financial advice from a psychic who claimed she could ‘manipulate electromagnetic energy’ to get “better outcomes” for the company.
Australia’s Westpac to remove sales incentives for staff
One of Australia’s big four banks, Westpac Banking Corp, has announced plans to remove all product related incentives from frontline staff in its retail branches as part of efforts to rebuild trust with its customers.