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Connexus : Issue 38
www.abacus.org.au 3 www.abacus.org.au 3 Connexus CONNEXUS SUMMER 2011 22 26 38 6 COVER STORY 26 What CEOs really think The threats and challenges mutuals face is made plain in a new survey. NEWS 6 Easy does it Harnessing growth is a winning strategy for Woolworths Employees’ Credit Union. 7 CEO comment 8 • Events • The Greater choice The Greater Building Society has been judged the Australia’s best provider of home loans and savings accounts. 10 Busy agenda for regulator ASIC chief outlines his key priorities to mutuals. 12 Chairs’ & CEOs’ Forum Innovation, regulation and the economy were some of the broad ranging issues examined by a recent mutuals forum. 14 • Record earnings for new credit union • Saving and spending statistics 17 Deposit guarantee set at $250,000 New deposit guarantee applies from 1 February 2012. 18 Regulators move on too-big-to-fail banks 20 A year of promotion and recognition for cooperatives 22 Fee-free squeeze Mutuals may need to revise their fee structures to remain competitive. MERgERS 38 Joining forces A new name is one of the many considerations for mutuals that seek to shore up their future through mergers. SpECIAl fEATuRE – INSuRANCE 44 Positive signs on the home front Property sales and building have slowed, but it’s not all bad news. 47 Super drains savings pool A new report shows superannuation incentives are impeding development of other important financial products. 48 Everyone pays Australia reported a record number of fraud cases in the first half of this year. 50 Organised crime hits lenders Mortgages and lenders are being targeted by criminal gangs. Contents Breathe new life into your advice services Take advantage of ClearView’s insight in implementing fresh, value-for-money wealth management and life insurance solutions for mutuals. Your members and their families can enjoy real peace of mind with our flexible life insurance offerings – and you can receive much-needed non-interest income. You can even offer our life insurance products badged with your brand. Backed by strong research, our planners can provide your members with a clear view on financial planning whatever their age, and a comprehensive range of investment options, superannuation and retirement products. We’ve been working with mutuals for over 20 years, formerly under the ComCorp brand, and currently partner with a variety of mutual organisations including credit unions with over 3 million members combined. Find out how successful your advice and life insurance member services could be with ClearView. Contact Cheryl Macnaught, General Manager, Partnerships & Marketing T (02) 8095 1329 • M 0401 104 242 • E email@example.com www.clearview.com.au BLDE579 Any advice in this material is general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on it you should consider the appropriateness of it taking into account your personal circumstances. Our financial planners are representatives of ClearView Financial Management Limited. ABN 99 067 544 549 AFS Licence no 227677 or ComCorp Financial Advice Pty Limited ACN 133 593 012. AFS Licence no. 331367 E579_ClearView Connexus FP Ad v2 F.indd 1 7/04/11 3:52 PM What think CEOs rEally