Morgan Stanley has paid a penalty of A$123,750 after receiving an infringement notice from the Australian Securities and Investments Commission's markets disciplinary panel. The panel found that Morgan Stanley had contravened a number of account reconciliation rules between 2013 and 2015. It failed to provide ASIC with monthly reconciliations during that period. Mortgage broker eChoice has launched a spin-off site targeting the mortgage refinance market. Refinancing.com.au promises to provide "tailored reports in just minutes" and access to a loan consultant. The site quotes rates from 25 lenders. eChoice chief executive Peter Andronicos said: "Although there has been a three percentage point drop in cash rates since 2011, consumers have had inconsistent rate reductions during that time and the lines have become blurred in relation to what is a competitive rate." Roy Morgan Research says 415,000 Australians intend to retire in the next 12 months - a 27 per cent increase since 2008, when 327,000 retired. The average net wealth of intending retirees is A$281,000 ($197,000 in superannuation and the balance in other investments), compared with $211,000 in 2008. Bank of Queensland is looking to sell its insurance arm, St Andrew's Insurance, the Australian Financial Review reports. BOQ acquired St Andrew's from Commonwealth Bank six years ago for around A$60 million.