Research from Colonial First State has found 93 per cent of Australians believe people need financial advice and almost two in three are interested in using the funds in their super to pay for that advice.
UK pension fund Railpen’s chief executive John Chilman will retire in 2025, after six years in the role.
AMP has appointed TAL as its default and retail insurance provider for AMP superannuation fund members, including its SignatureSuper offer.
TAL has appointed Georgina Croft as its chief claims officer and to the executive team, replacing Jenny Oliver who was named TAL chief executive, group life and retirement in October 2023.
The median balanced super fund option has returned 9.6 per cent in the 2023 calendar year, boosted by a share rally in the final quarter, according to SuperRatings’ latest data.
Coalition Senator Andrew Bragg’s horror narrative says our super funds could “eat up the whole local exchange” and use it for nefarious purposes. But the OECD suggests Australia actually lags peers on the share of the bourse represented by institutional investors and says they generally make responsible owners.
The big eight profit-for-member funds took 80 per cent of natural flows in FY23, with mega-fund AustralianSuper leading the pack. But the nation’s largest fund also saw a slowdown in member switching, securing $9 billion, down from $14.5 billion the year before. APRA data suggests switching activity across the broader market has declined.
Corporate trustee and fund administration platform MSC Group has acquired Certane Corporate Trust, formerly trading as AET Corporate Trust and part of Australian Executor Trustees.
ASIC will extend the deadline for its new adviser registration requirement, a day after the Financial Advice Association noted almost 6000 have been yet to complete it.
In the first of a series of articles analysing the latest APRA superannuation asset data, David Bell and Geoff Warren of The Conexus Institute conclude that the eight largest profit-for-member funds increased their market share in FY23 by about 2 per cent. Meanwhile, the merged Care Super/Spirit Super looks set to be inducted into the so-called “big fund club”.
Backlash against wealth inequality is roiling politics and markets, with the unions securing wins after decades of pro-capital policy formulation. The change in circumstances favouring labour is occurring just as advanced economies enjoy close to full employment, resulting in real wage gains and the return of the so-called Phillips Curve.
Consumer advocacy group Choice has appointed Ashley de Silva as its CEO, the successor to Alan Kirkland who left the role last November.
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