Duncan Savage

Calls for ASIC levy reduction The FAAA continues to push for a reduction in the ASIC levy and is also demanding more transparency regarding how the regulator determines its costs, saying "this amount remains much too high for a shrinking small business financial advice sector." >> https://buff.ly/4d08ShW Financial Advice Association Australia (FAAA) #riskinfo #financialnews #financialadvisers #smallbusiness

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https://zurl.co/IoFE ASIC: Pay your annual review fees in advance and save Here’s a summary of the key points: Advance Payment Option: Companies can pay annual review fees 10 years in advance at a discounted rate. Fee Protection: Paying in advance protects the company from future fee increases. No Refunds: Refunds are not available if company circumstances change after paying in advance. Separate Recording: Advance payments are separately recorded and do not appear as a credit on the company’s account. Notification Requirements: Even with advance payment, the company must review the annual statement and notify changes within 28 days. Solvency Resolution: Company directors must pass and store a solvency resolution within two months of the review date, unless a financial report has been lodged within the last 12 months.

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Commerce Commission reinforces Kiwibank as maverick challenger. Final report into personal banking services suggests a well-capitalised Kiwibank and unlocking open banking to improve competition. For the full story, click here: https://lnkd.in/g4zzNi3s #commerce #kiwibank #challenger #banking #nzjournalism #nbr #businessnews #competition #banks #nzbank #kiwibank

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Things worth reading: 20th August 2024 - Things we're reading today include ... Must-Follow Bank and Fintech Trends for 2024 and 2025 (thefinancialbrand.com) Commonwealth Bank reveals how much it spends providing cash at branches and ATMS

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The People & Planet Report 2024 delves into the evolving role of customer-owned banks in today’s lending market. Discover how Beyond Bank Australia, P&N Bank and People First Bank, through their community-first approach, are transforming the financial landscape. Download the free report to explore the key findings today: https://bit.ly/4cTuRXV #BrokerPulse #PeopleandPlanet #MutualBanks #MortgageBrokers

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The People & Planet Report 2024 delves into the evolving role of customer-owned banks in today’s lending market. Discover how Beyond Bank Australia, P&N Bank and People First Bank, through their community-first approach, are transforming the financial landscape. Download the free report to explore the key findings today: https://bit.ly/4cTuRXV #BrokerPulse #PeopleandPlanet #MutualBanks #MortgageBrokers

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Westpac New Zealand has reached a significant milestone, confirming its operational readiness to collaborate with approved third parties on delivering open banking solutions to improve New Zealanders’ banking experiences. The bank has made Payments NZ’s API Centre Payment Initiation v2.1 API Standard available for third parties to connect to. Russell Jones, Westpac NZ chief information officer, stressed the bank’s dedication to open banking. https://lnkd.in/gX2C3waF #openbanking #APIs #payments #banking #bankingtechnology #NewZealand #NZAdviser #advisernews

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We understand business isn't one size fits all! That's why our team of lending experts work with you to provide tailored lending solutions for your business. Visit our website to find out how we can help simplify your business finance - www.loantec.com.au #loantec #everythingfinance #businessloan #smartborrowing #abnloan #aussiebusiness

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Where does your council sit on the CX maturity scale? 📊 Despite significant technology investments, many councils struggle to meet community expectations. In fact, local governments have scored an average of 68 out of 100 on the CX performance scale—a number that hasn’t improved in six years. In our white paper, “The State of Customer Experience in Local Government,” we reveal key findings about CX maturity across councils in Australia and New Zealand. Ready to see how your council can drive real improvements? 👉 Download your copy today: https://lnkd.in/gmXP78xD #CustomerExperience #CXMaturity #ProactiveEngagement #LocalGovernment

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🔒Payments and Data Provider Cuscal Limited has launched its IPO in the Australia Stock Exchange on 25th November 2024 ! 💰 About Company: ✅ Cuscal is a payments and regulated data services provider in Australia. ✅ As an Authorised Deposit-taking Institution, our extensive capabilities include real-time payments, other payments (DE, BPAY & RTGS), banking services, consumer data right (CDR) solutions, financial crimes solutions (fraud monitoring), card issuing and acquiring. Cuscal has an AA- credit rating by Standard and Poor’s. ✅ Cuscal has nearly 60 years’ experience enabling clients with innovative, trusted, and secure solutions. ✅ Our history of firsts supports our expertise and ability to deliver products and services that provide a great experience for our client’s customers whilst allowing them to be competitive and relevant. ✅ Here are some details about Cuscal, an Australian payments and regulated data services provider.Cuscal offers a range of services, including: ➡ Real-time payments  ➡ Other payments, such as DE, BPAY, and RTGS  ➡ Banking services  ➡ Consumer data right (CDR) solutions  ➡ Financial crimes solutions, such as fraud monitoring  ➡ Card issuing and acquiring 💰 Key Details of IPO: ✅ Payments infrastructure business Cuscal's $336.8 million IPO has hit the final lap.Here are some details about Cuscal Limited's (CCL) Initial Public Offering (IPO): ✅ IPO date: Cuscal is expected to list on the Australian Securities Exchange (ASX) on Monday, November 25, 2024. ✅ Offer price: The offer price is $2.50 per share. ✅ Offer size: The offer size is approximately $337 million. ✅ Ticker: Cuscal's ASX ticker is "CCL". ✅ Market capitalization: The market capitalization at the offer price is $479 million. ✅ Cuscal plans to use the proceeds from the IPO to: ➡ Support working capital requirements  ➡ Maintain a strong balance sheet  ➡ Meet regulatory capital requirements  ➡ Invest in system resilience  ➡ Execute its growth strategy 🌐 spinvests.com ✉[email protected] 📞 +91 81001 29292

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Finnate successfully streamlines funding in the public sector. Hyper-configurable, super-scalable, and ultra-secure, Finnate helps public sector customers streamline processes for enhanced efficiency and funding. One of our most recent success stories is that of a Western Australian government agency dedicated to delivering high-quality education across diverse learning environments. The agency faced complex challenges in operating a Low Interest Loan Scheme (LILS) for non-government schools and universities. Find out how Finnate enabled the customer with transformation as well as innovation: https://lnkd.in/gwhuBg5Q #finnate #publicsector #govtech #digitaltransformation #fintechinnovation #educationfunding #efficiencyboost #smartfunding #aiinfinance #governmentfunding

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"Lenders didn’t make it easy for customers to give a hardship notice..." "Assessment processes were often difficult for customers..." "Lenders didn’t communicate effectively with customers..." "Vulnerable customers often weren’t well supported..." Too often we hear these disheartening statements about lenders, in the worst cases, ignoring Financial Hardship notices, abandoning customers who needed their support and not meeting community expectations. In some cases, applying for financial assistance has been found to be so difficult that more than 1 in 3 (35%) Australians dropped out of the application process according to a new ASIC report. https://lnkd.in/gv2KY2NS Failures to identify customers in financial stress, use of ‘cookie-cutter’ approaches to dealing with hardship requests, as well as onerous assessment and approval processes, is what can be seen and what needs to change. At MOGOPLUS our Hardship Insights provide critical descriptive analytics to assist in the assessment and review of customer hardship claims using real-time data and actual transaction behaviour. Income patterns are analysed to provide time based insights across all credit areas while highlighting changes to income streams including loss of regular income, receipt of Government support payments and other credits. Expense patterns including tightening during periods of hardship are easily identified across fixed and variable areas. https://lnkd.in/gK_ddNA5 Please reach out to learn more https://lnkd.in/gMmfJuj8

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APIR Systems Limited (APIR) have reported that Managed Investment Products (MIPs) continue to dominate new registrations in Australia making up 85.3% of total 2023/24 registrations. APIR chief executive, Chris Donohoe commented that while overall product registrations have been steady, they ended the 2023/24 year 15.7% above the rolling five-year average. Read more in this article in Financial Newswire: https://lnkd.in/gPG3_J3A #managedinvestmentproducts #investing #financialadvisers #investments

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A joint report from Tech Council of Australia and Datacom released last week identified 3 Top Tech Trends for 2024: 1️⃣ Artificial Intelligence 2️⃣ Cyber 3️⃣ Quantum & Space 🔬 Methodology: This report summarises the findings from a survey fielded between December 2023 and January 2024 by the Tech Council of Australia with 46 responses. Respondents are leaders of Tech Council member companies and Digital Employment Forum members 🔍 Key Takeaways: 💠 More than two-thirds of tech leaders expect AI to be the defining technology trend for 2024 💠 1 in 6 surveyed tech leaders think deep-tech areas such as quantum and space can overtake AI as the defining trend of 2024 💠 More than 50% of tech leaders have an impact or Environmental, Social and Governance (ESG) strategy in place. ❓ What are your thoughts on these trends? ❓ Which one do you think will have the biggest impact on your industry in 2024? #TechTrends #AI #Quantum #Cyber #Quantum

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In my opinion Macquarie Bank is entering into very challenging and deep waters difficult to navigate. A couple of thoughts: ◾ A forceful transition into a cashless economy encapsulates inherent risks, manifesting through socio-economic disparities, privacy vulnerabilities and challenges in ensuring robust digital infrastructure and uninterrupted access to financial services. ◾ Macquarie Bank's decision seems to neglect the diversity of access, technological literacy, demographic and cultural peculiarities towards cash and access to financial services across different strata of the Australian society. Such a transition will amplify existing inequalities, will raise substantial concerns about data privacy and security, will result in bank run phenomena and will increase the levels of shadow economy. ◾ Recent examples have shown the dangers of concentration of excessive power of limited number of entities over the financial system posing substantial risk of monopolistic practices and problematic dependencies on specific digital financial services providers rendering the Australian economy vulnerable to service disruptions caused by technical failures, cyber-attacks and commercial decisions to cease/withdraw services. ◾ Despite all the problems cash have, cash still acts a a hedging mechanism and buffer against electronic transaction and system failures that can be crucial for protecting individuals' freedoms against authoritarian surveillance. We need truly robust regulatory frameworks to mitigate risks associated with economic equity, data privacy and network security. ◾ Potential bank runs are a scenario that cannot be overlooked. The very perception of the absence of cash and the fact that the psychological reassurance of physical money is absent will lead to increased anxiety, sensitivity to rumors and large number of customers withdrawing their money from the bank. A deeper consideration of the psychological and behavioral impacts of removing physical cash from the economy is crucial. ◾ Australia is a multicultural country with significant population segments originating from informal or cash-driven economies. Majority of the population still perceives cash being intertwined with daily economic activities and cultural practices, making such an abrupt elimination potentially disruptive and exclusionary. It is crucial to ensure that such a transition still acknowledges these realities and will keep on providing alternative means of inclusion and access that respect cultural variances and offer inclusive and equivalent access to a digital economy. ◾ A cashless economy should entail elimination or significant reduction of transaction fees on digital payments. Such high fees are prohibitive for SMEs and everyday transactions especially for lower-income consumers and small-scale traders. It is critical to finally sort out who will be bearing the cost of transacting. #fintecheducation #cashlesseconomy #cash #cashlessbanking #digitaleconomy

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Making headlines in #payments news: -Bank study reveals new findings on #cash in SA -Digital shifts brought by #cloud and AI show strong returns  -Rising numbers of #crypto ATMs in Australia Read more on these news snippets here: https://lnkd.in/dNkzdxUx

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Exciting News for lenders in New Zealand! The #CCCFA 2024 Lending Reforms are set to reshape the lending landscape, and Fortiro is here to help you navigate these changes smoothly. To find out more, visit: https://hubs.ly/Q02Jk6k-0 #LendingReforms #FinancialSector #Compliance #Fortiro #Fintech #NewZealand #CCCFA2024 #Lending

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