RBS is selling its London Bishopsgate headquarters in cost-cutting drive

Moving will take place during 2019, and the bank will then begin to think about selling the building. A spokesperson told City A.M. that there is no planned deal lined up.”As we become a simpler, smaller UK-focused bank and as we encourage more flexible ways of working, we no longer require the same amount of office space as we once did,” the RBS spokesperson said.”We will be exiting 280 Bishopsgate by the end of 2019 which will further reduce our property costs in London. We will be revamping our nearby office at 250 Bishopsgate later in the year to accommodate more staff and to create a better, more flexible working environment.”RBS was reported last year to be selling its Premier Place London office to an arm of Quebec’s government pension manager, Ivanhoe Cambridge. The offer price was said to be slightly less than the £145m the bank was seeking, according to Bloomberg.Whether RBS will have better luck selling 280 Bishopsgate, by which time the UK is scheduled to have fully left the EU, remains to be seen. RBS is selling its London Bishopsgate headquarters in cost-cutting drive whatsapp Lucy White RBS has also been pinching pennies in other areas. In December, it said it would close 259 Bank of Scotland and Natwest branches and lop 680 jobs – a move which proved unpopular with many politicians, especially those who represent more rural constituencies.Some staff from the Bishopsgate HQ will also move to offices in Princes Street and Regents House, City A.M. understands. Although there is not expected to be a swathe of job cuts to facilitate the move, current chief executive Ross McEwan has been pursuing a gradual shrinking of headcount.His pragmatic style is in contrast to former boss Fred Goodwin, who stepped down following the bank’s £45bn government bailout after pursuing a rapid expansion plan. Royal Bank of Scotland (RBS), which is currently majority-owned by the UK government, is planning to flog its London headquarters post-2019 as it pushes ahead with an extreme cost-cutting drive.The bank will move out of the 280 Bishopsgate building back down the road to number 250, which it is planning to revamp later this year. Tuesday 23 January 2018 9:58 am whatsapp Share More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com read more

Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss

first_imgA Reuters survey showed the number of jobs banks expect to relocate from the UK is roughly 5,800, down from initial estimates of 10,000 last year. Tuesday 4 December 2018 6:54 pm Share Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss “We do travel the world quite extensively and I do find people asking what is going on in the UK, saying ‘you used to be so statesman-like and rather boring, and now you seem to have become the hot heads and hot bloods of Europe’,” she told Reuters.McGuinness said banks, insurers and asset managers in the City are moving business away from the UK without waiting for the outcome of Brexit.“People realise it is going to be very turbulent whatever happens,” she said. “The worst-case scenario would be no-deal happening by accident or design.”The City’s policy chief said the full outcome of the UK leaving the EU is not likely to be felt for at least 10 years.The comments come a day after the FCA issued a warning to banks about moving business away from the UK because of Brexit. James Warrington whatsapp Britain’s mishandling of Brexit has made it the new “hot heads” of Europe and damaged its financial services industry, according the the City of London’s policy boss.Catherine McGuinness said the uncertainty surrounding Brexit has damaged the country’s reputation and will take time to rebuild. whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoLearn It WiseColleagues Find Woman’s Bikini Photos Inappropriate, Give Her UltimatumLearn It WiseUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveUndo Tags: Brexit FCAlast_img read more

After 8 days, Southeast king opening to close

first_imgShare this story: Economy | Fisheries | SoutheastAfter 8 days, Southeast king opening to closeJuly 7, 2015 by Rachel Waldholz, KCAW Share:Southeast commercial trollers will soon take a break from the king salmon harvest, but the final target this year remains anyone’s guess.The Alaska Department of Fish and Game announced Tuesday (July 7) that the first king opening of the summer will close at midnight on Wednesday (July 8), after eight days of fishing.Sitka’s ANB Harbor, home to many local trollers. (Greta Mart/Photo by KCAW)That opening has been longer than many trollers expected. This year’s king salmon quota was the subject of a months-long dispute between Alaska and its neighbors to the south, including Canada, Washington and Oregon. Alaska challenged the pre-season forecast, which called for relatively low numbers of Chinook in Southeast. In the end, however, the state agreed to fish under the lower estimate, to remain in compliance with the U.S.-Canada Pacific Salmon Treaty.Still, Fish and Game hasn’t released a final number for this year’s king salmon quota, so it’s impossible to know how many kings the fleet is targeting. Even fishermen are in the dark.Exact numbers on how many kings have been taken so far won’t be available for a few weeks, while the Department tabulates fish tickets. But Fish and Game expects a second king opening for trollers in August.last_img read more

City of Fairbanks lawyers up to sue chemical company over contaminated water

first_imgEnvironment | Health | Interior | Local GovernmentCity of Fairbanks lawyers up to sue chemical company over contaminated waterNovember 13, 2018 by Tim Ellis, KUAC Share:Fairbanks Mayor Jim Matherly speaks from the deck of the historical S.S. Nenana at the annual Independence Day celebration in Fairbanks on July 4, 2017. (Photo by Mary M. Rall/U.S. Army Alaska Public Affairs)The city of Fairbanks has retained two Lower 48 law firms to advise on how to sue the manufacturers of chemical compounds that have contaminated groundwater in several areas around the city. The officials hope to recover nearly $4 million the city has spent over the past three years to deal with the contamination caused by perfluorinated compounds contained in a type of firefighting foam.Mayor Jim Matherly said city officials hired the two law firms to help them develop a strategy on how the city can build a case that the companies found liable for the contamination should compensate the city for the cost of dealing with it.“They’re going to take a look at our case, take a look at the foam issue, and the contamination issue,” he said. “They’ll talk to us, talk to our legal department.”Matherly said City Attorney Paul Ewers recommended hiring San Francisco-based SL Environmental Law Group and New York-based Kennedy & Madonna because they’re experienced in litigating contamination cases. A city spokesperson said the two firms took the case on a contingency-fee basis, so they’d only get paid if they win the case and recover damages.The mayor said the lawsuit would target the 3M Company, the Minnesota-based firm that manufactures the compounds known by the acronym PFAS. It’s used in the fire-suppressing foam that firefighters have for years used in training, among other things.“The city was using that foam for about 20 years, between 1985 and around 2005,” he said. “Now what we use is we use a combination of some water, of course, for training and then we have another foam that we use that has been approved by the DEC.”The move toward suing the manufacturer is good news, said Dave Berrey. He lives in one of the neighborhoods where the city has found PFAS groundwater contamination. But he and others say they wonder, what took the city so long to act?“This is something we asked that they join in a year and a half ago, I believe,” he said, “and they turned a cold should toward us.”Berrey said he and other affected residents think the city hasn’t focused enough attention on the problem and hasn’t adequately helped them, especially those suffering from health problems they believe are caused by the contamination. And he said they’d like to be more involved with the city’s efforts to recover damages from the manufacturer.“They really need to look at who they’ve damaged in this negligence, and work with us to go after the chemical companies,” Berrey said.The nearly $4 million the city’s paid so far was used to clean up sites and to cover the costs of connecting 44 properties in areas that rely on wells to the local water utility system. It’s also paid $2,500 stipends to those property owners to help offset their water payments.Matherly said he’s not sure but he thinks Fairbanks is the first city in Alaska to pursue litigation in response to PFAS groundwater contamination. It’s turned up here more than any other city in the state, at least so far. And the mayor said the city’s asking the state for more help.“I talked to the attorney general about this,” he said. “I told Gov. Walker about this. It’s in our legislative priorities to give to the Interior delegation, that we want the state to take a good hard look at this statewide. Because, we’re not the only city using this – it’s all across the nation.”A recent study by the Environmental Working Group and the Social Science Environmental Health Research Institute at Northeastern University says PFAS pollution has been reported at 94 sites in 22 states. The study says PFAS has shown up in the tap water of some 16 million people in 33 states and Puerto Rico. Other estimates say up to 110 million Americans may have it in their drinking water.The chemicals have been linked to kidney and testicular cancers, low birth weight, thyroid disease and pregnancy-induced hypertension.The Alaska Department of Environmental Conservation has extended the public comment period on a proposed, more stringent cleanup level for groundwater contaminated with PFAS. Comments may now be submitted to DEC through 5 p.m. Tuesday, Nov. 12. More information on the proposed regs is available on this page of the DEC’s website.Share this story:last_img read more

Royal Mail frets over Amazon taking business

first_img whatsapp Wednesday 19 November 2014 8:24 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Michael Bow Bow whatsapp FIRST it was publishers, then high street retailers, now US giant Amazon is set to disrupt the business model for Britain’s postal service. Industry leader Royal Mail yesterday warned that the growing dominance of rival delivery offerings from Ama­zon would cut revenue growth in half at its key parcel delivery division.Royal Mail, which was privatised by the government last year, also warned that expansion by another rival Whistl (formerly TNT UK) could reduce its revenue by £200m and put its universal service obligation under threat. Parcel revenue fell one per cent to £1.5bn for the six months ending 28 September, the group said, reflecting the “highly competitive” market. “The UK parcels market remains challenging,” chief executive Moya Greene said yesterday. Royal Mail said the introduction of Amazon’s direct delivery service would reduce the annual rate of growth to one to two per cent for two years. It was previously forecast to grow by four to five per cent over the period. The group also urged the government to bring forward a review into the universal service obligation after it said it was under threat from increasing competition from direct delivery. Royal Mail was part privatised in a controversial flotation last October, when the government was accused of pricing shares too cheaply. Shares closed at 430p last night, much higher than their 330p float price. Tags: Amazon Company Royal Mailcenter_img Royal Mail frets over Amazon taking business Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likezenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPost FunGreat Songs That Artists Are Now Embarrassed OfPost FunUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUndoLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance WealthUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndoWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedUndo Show Comments ▼ Sharelast_img read more

Premium / Supply chain radar: Boom! Fearless Seaspan hits three-year high – investors love it again

first_img << Go back If you missed a key release from Hong Kong’s Seaspan (SSW) two weeks ago it doesn’t really matter, its efforts are only now bearing fruit on multiple levels.Either way, here’s a recap of the latest events and what they mean for the world’s largest non-operating shipowner, and its investors.ReorganisationIt said on 21 November that its board of directors had approved the implementation “of a holding company reorganisation (the “proposed reorganisation”), to create a new holding company, Atlas Corp. (“Atlas”), which will become ... Email* Reset Your Password Email* New Premium subscriber REGISTER LOGIN By Alessandro Pasetti 06/12/2019 Premium subscriber LOGIN Password* Forgotten your password? Please click here Please either REGISTER or login below to continue Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium Please Login Resetlast_img read more

OSC to consider no-contest settlement with Manulife

first_img James Langton ASC gives green light to no-contest settlements Related news OSC approves no-contest settlement with IPC dealers Share this article and your comments with peers on social media OSC to consider no-contest settlement with IPC dealers Toronto-based Manulife Financial Corp. is the latest large financial services firm set to agree to a no-contest settlement with the Ontario Securities Commission (OSC) amid allegations that it overcharged certain clients. The OSC announced on Tuesday that it will hold a hearing on Thursday to consider a no-contest settlement with a pair of Manulife dealer subsidiaries, Manulife Securities Inc. and Manulife Securities Investment Services Inc. According to the OSC’s allegations, the firms self-reported weaknesses in their internal controls in 2015 that “resulted in certain clients paying, directly or indirectly, excess fees that were not detected or corrected by the Manulife dealers in a timely manner.” The alleged overcharging involved clients in fee-based accounts that also paid embedded advisor fees, resulting in some clients paying excess fees between 2005 and 2016. In addition, some clients were not told that they qualified for a lower-cost of certain mutual funds and paid excess fees when they invested in the version of the funds with higher management expense ratios. The OSC alleges that the overcharging was the result control and supervisory inadequacies that amount to a breach of securities rules. It also notes that there’s no evidence of dishonest conduct by the firms. The allegations indicate that the dealers are paying compensation to the clients who were overcharged and that the firms have taken corrective action to bolster compliance and prevent similar issues in the future. The terms of the settlement will only be revealed if the OSC approves the agreement; no-contest settlements allow firms to resolve enforcement allegations without admitting to misconduct. The OSC has entered into no-contest settlements with all of the Big Five banks along with a handful of other firms since introducing this procedure in 2014. The latest such agreement took place on June 27, when an OSC hearing panel approved a no-contest settlement with a trio of Royal Bank of Canada (RBC) that sees the firms pay $21.8 million in compensation to clients and almost $1 million to regulators to settle allegations that they overcharged clients in certain mutual funds and fee-based accounts. Read: No-contest settlement with RBC firms will see clients repaid $21.8 million Photo copyright: andreypopov/123RF Keywords No-contest settlementsCompanies Manulife Financial Corp., Manulife Securities, Manulife Securities International Ltd., Ontario Securities Commission OSC to consider no-contest settlement with Manulife Facebook LinkedIn Twitterlast_img read more

Slideshow: The top 10 rated firms in this year’s Report Card series

first_img The top 10 rated firms in 2017’s Report Card series 10. Peak Financial Group This year marks the first time that Peak Financial Group has cracked the Report Card series’ top 10. Peak advisors were quick to point out the full-service dealer’s independent business model, their ability to choose products for clients, the communication between advisors and management and the firm’s ethical culture when asked to name the most positive aspects of working at the firm. “Peak offers independence,” says a Peak advisor in Ontario. “The [firm] allows us 100% freedom in terms of products.” The top 10 rated firms in 2017’s Report Card series Keywords Advisors’ Report Card The top 10 rated firms in 2017’s Report Card series × Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive Author: Fiona Collie Source: Investment Executive Copyright: Investment Executive Research Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive 6. Leede Jones Gable Leede Jones Gable advisors have had many positive things to say about their firm over the past few years, a fact that’s reflected in the brokerage’s strong ratings over the past decade. In fact, with few exceptions, Leede Jones Gable has consistently had among the top 10 IE ratings and overall ratings by advisors as they praised the firm’s strong, independent corporate culture and mutual respect among advisors and management. “[There’s a] very strong collegiality among all the advisors,” says a Leede Jones Gable advisor in B.C. “It’s a very positive and professional environment.” Section cover Advisors’ Report Card 2017 The top 10 rated firms in 2017’s Report Card series Share this article and your comments with peers on social media Advisors look to the future Fiona Collie Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive 1. IDC Worldsource Insurance Network IDC Worldsource Insurance Network’s (IDC WIN) IE rating and overall rating by advisors have cracked IE’s Report Card series’ top 10 list every year since 2008. During that time, advisors have been consistent in their praise of the MGA’s knowledgeable support staff and the easy communication between advisors and management. Above all else, advisors are very proud of the MGA’s integrity. “It’s a well established company,” says an IDC WIN advisor in B.C. “It’s a company you can trust and you expect that they will do the right thing.” 5. PPI Solutions PPI Solutions has had among the top 10 IE ratings and overall rating by advisors since it made its début in the Insurance Advisors’ Report Card in 2011. Since then, PPI Solutions’ advisors have praised the MGA for the bevy of products it makes available, its technology platform, back-office staff and the overall work environment. “As far as MGAs go, PPI Solutions is the best one out there,” says a PPI Solutions advisor in Alberta. 9. PPI Advisory Insurance advisors with PPI Advisory are full of praise for their MGA, ranging from the support staff’s technical expertise, to the product shelf, to the firm’s ability to serve the high net-worth market effectively. As such, PPI Advisory has had among the top 10 IE ratings and overall ratings by advisors every year since 2008. “The [firm has] excellent people [in its] staff,” says an advisor in Ontario with PPI Advisory. “[The firm has] great underwriting, great advanced planning individuals and access to good products.” Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive The top 10 rated firms in 2017’s Report Card series The top 10 rated firms in 2017’s Report Card series Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive Despite the different distribution channels and business models of the firms included in Investment Executive‘s (IE) 2017 Report Card series, there are many similarities to be found among the highest-rated companies, whether it’s a bank-owned brokerage or a managing general agency (MGA).In fact, financial advisors at firms with the 10 highest “IE rating” and “overall rating by advisors” in the Report Card series often praise their respective companies for the same thing, whether it’s a positive work environment, the ability to make independent product choices for clients, or the backing of a strong brand. Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive 2. Edward Jones During the past decade, Edward Jones entered the Report Card series’ top 10 list in 2014 as its advisors praised the independent brokerage’s commitment to an entrepreneurial business model, a sentiment that has kept the brokerage high in the ratings in recent years. Some of the most positive aspects of working at Edward Jones, advisors said, include the flexible work hours and the freedom to make objective product choices for clients. “It’s as close to being self-employed as it can be,” says an Edward Jones advisor in Ontario. “I like that I can tailor my office the way I like it.” 7. Odlum Brown Odlum Brown has received strong ratings from its advisor force over the years. Since 2012, Odlum Brown has been a mainstay of the Report Card’s top 10 as advisors have praised the firm’s reputation and the freedom they have to make objective product choices for their clients. Most of all, Odlum Brown advisors are simply happy to work with people they like and respect. “Everybody has their door open here,” says an Odlum Brown advisor in B.C. “It’s a good, supportive, fun atmosphere.” Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive Advisors’ Report Card 2017: Editors discuss the key trends of this year’s Report Card series The top 10 rated firms in 2017’s Report Card series The top 10 rated firms in 2017’s Report Card series 8. Royal Bank of Canada Royal Bank of Canada (RBC) advisors are very proud of their bank’s brand and strong reputation. In fact, those two factors are some of the most often cited positive aspects of the firm — a likely reason why the name RBC can so frequently be found on the Report Card’s top 10 ratings list. “RBC has always had a big focus on promoting the brand,” says an RBC advisor in Ontario. “We are one of the strongest brands. The [bank does] great work [promoting us] in the community, but also via advertising.” 4. RBC Dominion Securities Like their colleagues in the banking channel, advisors are very proud to carry the RBC Dominion Securities Inc. (DS) name on their business cards, a fact made clear by the firm’s recurring top 10 ratings in the Report Card series since 2013. DS advisors have praised their firm in several areas since then, such as support for wealth management. The most common refrain among DS advisors, though, is the strong reputation and brand recognition of both DS and RBC, its parent company. “The credibility and the reputation of the mother ship,” says a DS advisor in Atlantic Canada about the most positive aspects of working at the brokerage. “The respect that the brand carries on the Street.” Related news Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive 3. CIBC Ten years ago, Canadian Imperial Bank of Commerce (CIBC) had one of the lowest IEratings and overall ratings by advisors in the Report Card series as advisors complained about the bank’s poor public image during the financial crisis relating to its involvement with the U.S. subprime mortgage scandal.Since then, CIBC has worked hard to win back the approval of its advisors. In fact, CIBC now enjoys among the highest ratings in the Report Card series as advisors praise the firm in areas that were once a source of frustration, such as the bank’s product selection and overall direction. “I love the organization, the people and the direction we’re taking,” says a CIBC advisor in Ontario. “We do everything in the best interest of the client.” Slideshow: Gauging advisors’ relative productivity Author: Fiona Collie Source: Investment Executive Research Copyright: Investment Executive The top 10 rated firms in 2017’s Report Card series Facebook LinkedIn Twitter The top 10 rated firms in 2017’s Report Card series Advisors’ Report Card 2017 main chart Decisive support The top 10 rated firms in 2017’s Report Card series (A firm’s IE rating is the overall average of all the ratings a firm received for the categories included in a Report Card’s main ratings table. This excludes the overall rating by advisors, which is how advisors rated their firm as a whole.)View this slideshow to see which firms ranked in the top 10, why they have earned such high praise from their advisors, and how these firms have performed over the past decade. last_img read more

APRA heatmaps underlines importance of including all fees in critical performance tests

first_imgAPRA heatmaps underlines importance of including all fees in critical performance tests Industry Super AustraliaAPRA has sounded a warning on excessive non-investment fees as its heatmaps blanket many for-profit administration fees in a sea of red.But, staggeringly, the government continues to ignore the regulator and has deliberately excluded administration fees from its new performance benchmark regime.The retail sector generates much of its $10 billion annual profit from its lucrative administration fees, and by deliberately carving them out from the performance benchmarks in the Your Future, Your Super legislation the government risks undermining the entire reform package.The government must shift to the more logical net-return measurement – that tests performance based on all fees and charges – not carving out administration fees. APRA has strongly expressed how excessive administration fees can impact returns and questioned the justification for asset-based administration fees, favoured in the retail sector. It found some members with a $50,000 balance are paying more than two and a half times higher administration fees than members in other MySuper products.ISA analysis also shows that the average worker in MySuper products with the highest administration fees will have $158,000 less than those with the lowest fees.APRA’s heatmaps seem to have already prompted some funds into cutting fees. The success so far underlines the importance of quickly expanding the heatmaps to cover the entire APRA regulated system.It is disappointing the roll-out beyond MySuper has been further delayed and will not initially cover the whole Choice sector. The Productivity Commission found the Choice sector was the high-fee tail of the system and littered with dud products. But the Choice sector remains stubbornly immune to transparency measures and performance testing – with no heatmap coverage, product dashboards delayed for more than seven years, and alarmingly the government admitting to having no timeframe to include 80% of the Choice sector in the proposed performance benchmarks.APRA is right to flag pursuing action against funds who have not lifted their performance from last year’s heatmap release – chronic underperformance should be stamped out no matter where it is found. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:APRA, Choice, chronic, Commission, future, Government, Impact, legislation, Productivity Commission, profit, reform, retail sector, super, testinglast_img read more

IDEA Council proposes program to establish faculty and staff affinity groups

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: March 26, 2021 Building on its commitment to improving the university’s recruitment and retention of students, staff and faculty this year, the IDEA Council has proposed a program that will facilitate faculty and staff participation in campus affinity groups. Since October, council members have met to review and prioritize recommendations in the Inclusion, Diversity and Excellence in Academics (IDEA) Plan, the campus’s blueprint for building a more diverse, equitable and inclusive campus community.  The council in February proposed the establishment of formal structures for faculty and staff affinity groups, which would be open to all employees and center around shared identity, common bonds and a commitment to the perspectives of historically marginalized or underserved people. The Office of Diversity, Equity and Community Engagement (ODECE) will lead in establishing the program in collaboration with campus partners and with the support of Chancellor Phil DiStefano and other campus leaders. Foundational to the groups will be opportunities to connect and build affinity during community gatherings and to access information and resources. “The goals the IDEA Council has set for this initiative are in perfect alignment with our efforts as a campus community to build a better experience for our faculty and staff,” DiStefano said. “I applaud the council’s work in support of this proposal, and I look forward to receiving an update from ODECE this spring.” Bob Boswell, vice chancellor for diversity, equity and community engagement, said ODECE looks forward to moving ahead with the proposal to establish affinity groups for faculty and staff. “As the campus hub for these groups, we are working with the IDEA Council and other campus partners to establish group guidelines and resources that will help to deepen connections and build bridges amongst the campus community,” he said. When fully established, the groups would support faculty and staff who desire to meet regularly with colleagues from similar backgrounds and with similar professional goals. IDEA Council Co-Chair Teresa Hernández said affinity groups provide powerful opportunities for faculty and staff to continue with or establish a deeper sense of connection and community engagement. “That can include building community and relationships alongside individuals with whom we find commonalities based on shared identities,” said Hernández, a diversity, equity and inclusion search and outreach program manager for Human Resources. Donna Mejía, an associate professor in the Department of Theatre and Dance who also teaches women and gender and ethnic studies, and Amy Moreno, director of inclusive culture in the College of Engineering and Applied Science, helped develop a proposal for establishing the faculty and staff affinity groups. Mejía noted that most faculty members conduct research, write, design, create and teach autonomously, which can compromise their ability to collaborate and truly connect with each other and create “a staggering sense of isolation.” “Affinity groups profoundly humanize and dimensionalize our environments, creating space for our whole selves to nourish with reflection,” she said. “For me, connection, belonging and friendship are not primarily a strategy for retention, they are the foundations of a meaningful life.” CU Boulder faculty and staff have met informally for years to create a sense of belonging, to support each other in meaningful ways and to improve the campus culture, Moreno said. The university’s sponsorship of affinity groups “signifies an acknowledgement of all of the labor, emotion and efforts that many have been pouring into our campus community” for the past several years, she added. New employees will be able to more seamlessly learn about and join communities that often recognize and validate important aspects of their social identities, she said. “Retaining staff and faculty involves a campuswide commitment to impactful initiatives, like affinity groups, to demonstrate we value each employee and are designing a community that is actively pursuing greater equity and inclusion,” Moreno said. In February, council subcommittee members named their forthcoming discussion items, which include enhancing resources for CU LEAD Alliance student success programs; expanding staff professional development opportunities with a focus on frontline service and classified staff; and strengthening mentorship opportunities for junior faculty. Over the long term, the IDEA Council will continue to play a key role in helping to shape the campus’s diversity, equity and inclusion goals, said Lisa Flores, who co-chairs the council and is the associate dean for diversity, equity and inclusion in the College of Media, Communication and Information. “We are aware of and want to be attentive to the campus community’s desire to see immediate change on a lot of different fronts,” Flores said. “As a council responsible for this important charge from campus leaders, we also want to ensure we are bringing forth the right set of recommendations this year through a collaborative, thoughtful process.”Categories:Deadlines & AnnouncementsIDEA PlanCampus CommunityStrategic Initiativeslast_img read more