THE NEWS WRAP: ASIC warns real estate agents over self-managed super

The Australian Securities and Investments Commission has issued a warning to real estate agents, saying they need to be properly licenced to offer financial advice to self-funded retirees.


There are also concerns some agents and property spruikers might be offering illegal commissions to financial advisers.


“We want to ensure the SMSF sector remains healthy and vibrant so investors can be confident that, if they are receiving advice about investing through an SMSF, their adviser holds an Australian financial services licence and is aware of its obligations,” ASIC commissioner Greg Tanzer says.


Pregnancy now the most common cause of workplace discrimination


The Fair Work Ombudsman has revealed that pregnancy has overtaken disability as the top source of discrimination complaints against employers.


According to the figures, of the 235 complaints to the ombudsman, 28% were from pregnant women compared to 21% from people with a physical or mental disability and just 11% from carers.


“Women represent more than 50% of the Australian population. They represent half the talent pool that exists in this country,” Sex Discrimination commissioner Elizabeth Broderick says.


“And smart employers understand that actually keeping women attached to the labour market through flexible work arrangements, through parental leave, whether it’s the national scheme or a private scheme, they’re important strategies to ensure that all people can contribute to the productivity and stronger economy of this country.”


Bega considers increasing bid for Warrnambool as Fonterra buys Tasmanian dairy assets


Bega Cheese is considering raising its bid for Warrnambool Cheese & Butter as New Zealand-based dairy giant Fonterra purchased a series of dairy assets in Tasmania.


Bega advisor David Williams revealed there are two key areas Bega will look at as it considers raising its bid.


“A, is whether we go completely unconditional, and B is whether we need to increase the bid,” Williams says.


Meanwhile, Fonterra bought Tasmanian yoghurt maker Tamar Valley Dairy out of administration for an undisclosed price.




The Dow Jones Industrial Average is up 0.78% 15739.36. The Aussie dollar is up to US95.33 cents.


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