Briefs

New rules attacked

The nation's biggest wealth managers have slammed new rules requiring financial advisers to act in the best interests of their clients as "unworkable". The chief executive of the Financial Services Council, John Brogden, said financial advice legislation released yesterday was so open-ended it would create uncertainty and stop millions from seeking advice.

AIRPORTS

MAp overhaul

MAp Airports' security-holders have overwhelmingly endorsed a

so-called simplification of the fund's structure that will result in them receiving 80? in cash per security. The fund, whose sole asset is now

an 85 per cent stake in Sydney Airport, will operate as two trusts instead of three and be rebadged as Sydney Airport.

INSURANCE

HCF in rude health

Australia's third-largest health insurer, HCF, has boosted its annual net profit by 18 per cent. HCF holds 12 per cent of the national market. It also operates a life insurance business, health services, and a retirement

and aged care accommodation business. HCF booked a net profit after tax of $87 million for the 12 months to June 30, up 18 per cent on the previous year.

MORTGAGES

Loan price war

Home buyers can continue to expect mortgage discounts next year as big banks battle each other for a bigger share of a sluggish lending market, according to the Deloitte Australian Mortgage Report. The risk of a continuing pricing war between major banks, however, will see

further squeezing of non-bank lenders and ultimately less competition in the market.

PROPERTY

Charter Hall sale

Charter Hall Office real estate investment trust has completed the sale of a third United States asset as it continues its move towards becoming an Australian-focused property owner. The sale of Promenade II in Atlanta comes after the trust agreed in August to offload its US portfolio to Beacon Capital Partners for a total of $US1.71 billion ($1.76 billion).