Regions
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.
Middle East | 26 Sep 16
Asset managers, life co’s seek clarity on new UAE fund laws
Life companies are calling for more clarity on how new laws covering mutual funds offered for sale within their products in the UAE will work in practice, while asset managers have begun the process of deciding which products to offer.
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.
Best Practice | 23 Sep 16
Two-thirds taking cash from pensions did not seek advice
Two-thirds of recent UK retirees who took cash from their pension pots during their first year of retirement did so without seeking any professional advice.