Here are the news headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Tuesday morning.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 70.78 US cents
Dow Jones (DJI): up 0.15%
Oil (WTI): $US74.20 per barrel
Gold: $US1,191 per ounce
Australian Finance News
In finance news, Commonwealth Bank of Australia (ASX: CBA) has announced further steps to improve its financial advice.
In a statement filed with the ASX, Commbank, which is planning to sell many of its financial advice businesses, said it will review client files and cut certain fees from its advice within its existing financial planning arm.
As Rask Media reported early in 2018, even before the Royal Commission kicked off Commbank had been caught red-faced for failing to provide adequate advice to clients. Then it was revealed CBA was charging fees to clients who had died.
“Charging unauthorised advice fees to deceased estates is unacceptable,” said Michael Venter, CBA’s Chief Operating Officer of the Wealth Management division.
Read more: CBA’s Plan To Fix Its Advice
Also in the financials space, Suncorp Group (ASX: SUN) announced the redemption of all of its outstanding SUNPD notes, which have a face value of $100 plus a final interest payment of $1.2111.
Pilbara Minerals Ltd (ASX: PLS) announced the quality of its first shipment of lithium concentrate (spodumene) from the Pilgangoora Lithium-Tantalum project in Western Australia. The shipment, which left Port Hedland earlier this month, had an “outstanding quality” of 6.256% lithia and 0.724% iron oxide, the company said.
In broader finance news, Fairfax is reporting the Australian Tax Office will be targeting the Big Four accounting firms, including PWC, KPMG, Deloitte and EY, over legal privilege. Throughout the world, the Big Four accounting firms are the gatekeepers of the financial system, ensuring its integrity.
According to Fairfax, the ATO is looking into whether or not tax promoter penalties can be applied to them.
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