Dutton puts end to MP eligibility row

Original article by Rosie Lewis
The Australian – Page: 6 : 28-Jun-19

A spokeswoman for Home Affairs Minister Peter Dutton says he formally relinquished his interest in a family trust before nominating for the 18 May federal election. Dutton’s eligibility to be in parliament came under scrutiny in 2018 due to his pecuniary interest in a childcare centre which is owned by his wife and which had received federal government subsidies. The spokeswoman has stressed that two constitutional law experts had previously advised Dutton that he was not in breach of section 44 of the Constitution.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, RHT FAMILY TRUST, UNIVERSITY OF SYDNEY

Pyne’s defence job breaches code

Original article by Alice Workman, Michael Roddan
The Australian – Page: 6 : 28-Jun-19

Former defence minister Christopher Pyne has come under scrutiny over his new role as an adviser to Ernst & Young regarding the defence industry. Labor senator Penny Wong contends that Pyne is in breach of the federal government’s ministerial code of conduct, which continues to apply for 18 months after an MP leaves parliament. Wong and Centre Alliance senator Rex Patrick have urged Prime Minister Scott Morrison to intervene. Pyne retired from politics at the 18 May election.

CORPORATES
ERNST AND YOUNG, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GRATTAN INSTITUTE

Phelps should quit after alleged breach

Original article by Ean Higgins
The Australian – Page: 7 : 15-Apr-19

It has been revealed that independent federal MP Kerryn Phelps is treating patients one day a week as a GP. Phelps has previously claimed that she has legal advice that her actions do not place her in breach of section 44 of the Constitution, which states that persons who receive money from the Commonwealth under a financial arrangement with it are ineligible to sit in parliament. Former Nationals leader Barnaby Joyce says Phelps should not seek re-election if she is not willing to release that legal advice.

CORPORATES
NATIONAL PARTY OF AUSTRALIA

NAB kills off scandal-plagued mortgage referral program

Original article by James Frost
The Australian Financial Review – Page: 13 & 16 : 26-Mar-19

National Australia Bank has advised that it will end its controversial ‘loan introducer’ program from 1 October. The program sees non-bank employees receive a fee for referring home loan clients, with NAB stating in 2018 that it generates one out of every 20 mortgages written by the bank. NAB also says the program has generated around $2.4 billion worth of home loans, and that around $100 million in referral fees have been paid. Interim CEO and chairman-elect Philip Chronican says he wants customers to come to NAB because of its products and services, not because a third party receives a fee for endorsing it.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, KPMG AUSTRALIA PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Macquarie scraps stockbroker commissions to tackle conflicts

Original article by Joyce Moullakis, Samantha Bailey
The Australian – Page: 17 & 28 : 23-Oct-18

Macquarie Group has advised that it will abolish commission payments for its stockbroking advisers and move to a salary and profit share remuneration system from April 2019. Commissions were criticised by former Commonwealth Bank CEO and current AMP chairman David Murray in his Financial System Inquiry as causing the potential for conflicts of interest. However, Macquarie’s decision may not please all brokers and could lead to the departure of some staff.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AMP LIMITED – ASX AMP, CREDIT SUISSE (AUSTRALIA) LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, JBWERE LIMITED, MORGAN STANLEY AUSTRALIA LIMITED, CRESTONE WEALTH MANAGEMENT LIMITED

Shorten to shake up bank super

Original article by Simon Benson, Rosie Lewis
The Australian – Page: 1 & 4 : 12-Oct-18

Labor leader Bill Shorten has indicated that bank-owned superannuation funds could face tougher regulation under a Labor government. Noting the inherent of conflict of interests associated with profit-focused banks owning retail super funds, he said that one option could be a requirement that such funds appoint independent trustees. He also flagged the possibility of empowering the Australian Prudential Regulation Authority to sack trustees of super funds that consistently underperform.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, ONE NATION PARTY, CENTRE ALLIANCE

Mallesons in conflict over Capilano Honey takeover

Original article by Joyce Moullakis
The Australian Financial Review – Page: 21 : 4-Sep-18

Law firm Mallesons was understood to be advising Wattle Hill and ROC Partners on their agreed $190 million takeover bid for Capilano Honey, announced in August. However, it removed itself from that process after revealing it had been involved in the commissioning of a report that was highly critical of Capilano’s products, with the report alleging it and a number of other honey producers had products that had tested as "adulterated". Capilano has denied the claims, while it is believed Minter Ellison has replaced Mallesons as the law firm adviser on the Capilano bid.

CORPORATES
MALLESONS STEPHEN JAQUES, WATTLE HILL, ROC PARTNERS PTY LTD, CAPILANO HONEY LIMITED – ASX CZZ, MINTER ELLISON, MACQUARIE CAPITAL PTY LTD, PRICEWATERHOUSECOOPERS, HERBERT SMITH FREEHILLS PTY LTD, BEGA CHEESE LIMITED – ASX BGA, KPMG AUSTRALIA PTY LTD

‘I was not in breach’: Peter Dutton releases new legal advice on eligibility to be MP

Original article by Latika Bourke
The Age – Page: Online : 24-Aug-18

Former Home Affairs Minister Peter Dutton has used social media to publish legal advice which suggests that his beneficial interest in several child care centres is not in breach of the Constitution. Dutton said he was advised by former solicitor-general David Bennett that he is eligible to be in parliament, and noted that Guy Reynolds SC has also previously advised that he is not in breach of section 44 of Constitution. Bennett has also provided Prime Minister Malcolm Turnbull with advice regarding section 44 in the past.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. OFFICE OF THE SOLICITOR-GENERAL, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY

Macquarie exits trailing commissions

Original article by James Kirby
The Australian – Page: 22 : 4-Jul-18

Macquarie Group’s decision to scrap trailing commissions for financial advisers has been welcomed by Bernie Ripoli, who played a key role in the Future of Financial Advice reforms. However, so-called grandfathered commissions are still widely used in the financial services sector four years after the FoFA reforms. There is speculation that the banking royal commission will recommend the abolition of trailing commissions. Ripoli says other banks could potentially opt to voluntarily scrap them.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SAS GROUP CONSULTING

CBA looks at selling advice firms

Original article by James Eyers
The Australian Financial Review – Page: 13 : 24-Apr-18

The Commonwealth Bank is said to be reviewing its ownership of the Count Financial and Financial Wisdom financial planning groups. An announcement on a possible sale of the two groups could be made in the second half of 2018. The banking royal commission’s revelations have prompted banks to consider their ownership of financial planning groups, amid concern about the potential for conflicts of interests. The CBA paid $A373 million for Count Financial in 2011, while it assumed ownership of Financial Wisdom when it acquired the Colonial Group in 2000.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, FINANCIAL WISDOM LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COLONIAL GROUP, UBS HOLDINGS PTY LTD, SHAW AND PARTNERS LIMITED