The ASIC report into death benefit claims revealing the devastating impact of poor industry practices on grieving Australians has again highlighted the pressing need for change. While some funds have taken up the cudgels, others are still playing hardball on improving their service offering.
A Retirement Income Covenant obligation notwithstanding, there is still a paucity of these complex products on offer. The Advice Through Superannuation draft legislation might offer a way forward.
Property remains after Investec deal with BoQ
Investec Bank said Friday that property funds management would remain a core business unit for the group in Australia following the sale of its “professional finance” business to the Bank of Queensland.
The professional finance business includes deposits asset finance and leasing. BoQ told the market it would pay $440 million in the deal.
Apart from property funds management, Investec will also continue to offer corporate and institutional banking services and investment banking. The sale followed a review which was announced late last year. About 310 staff will transfer in the arrangement.
Ciaran Whelan, Investec chief executive, said: “Investec Group remains committed to the Australian market. We have an experienced leadership team with a focused business backed by a strong global balance sheet and parent. We are in a good position to concentrate on what we do best within our specialist niches and to demonstrate our distinctive approach.”
