Minister for Financial Services Stephen Jones has warned superannuation funds the government expects them to improve member experience, including on group insurance and retirement strategies, or face consequences of regulatory intervention.
Midwinter Financial Services has announced that CQUniversity Australia’s financial planning students have completed Term 1 using its financial planning software. Midwinter partnered with CQUniversity in March to provide the software to students undertaking financial planning units. With this partnership, Midwinter supports CQUniversity with access to the technology students will use once they enter the workforce, … Read more
Industry super fund Hostplus has injected a further $100 million into the IP Group Hostplus Innovation Fund, having already contributed $210 million.
A joint review by APRA and ASIC has found superannuation funds are failing to meet their obligations under the Retirement Income Covenant, which took effect 12 months ago. Too many are not implementing retirement strategies into their business plans or analysing their members’ needs, according to ASIC commissioner Danielle Press.
The Albanese government has given its strongest indication yet that it is open to a more radical expansion of intra-fund advice, with super trustees likely to be able to able to advise members on topics beyond their interests in the fund.
Firetrail head of investment strategy Anthony Doyle has joined the certification assessment panel of Responsible Investment Association Australasia.
The Australian Prudential Regulation Authority (APRA) has finalised a new prudential standard to ensure banks, insurers and superannuation trustees better manage operational risks and respond to business disruptions.
Emergency services industry fund ESSSuper was the top-performing balanced super fund for the 2022-23 financial year, returning 13.3 per cent for its balanced growth option, according to researcher SuperRatings.
Sustainable investment-focused fund manager Nanuk Asset Management has appointed John Lobb as a portfolio manager. Lobb has over 32 years of experience as an equities analyst and portfolio manager. Before joining Nanuk, he was a global equities portfolio manager and senior analyst at Insync Funds Management. Previously, he held key investment positions at Orion Asset … Read more
Colonial First State will pay $100 million to settle a lawsuit claiming damages from grandfathered commissions and fees for no service. The outcome has been welcomed by applicants in the class action, despite the former CBA wealth arm not admitting any wrongdoing.
An independent review of APRA’s oversight of the superannuation industry, led by former Macquarie CEO Nicholas Moore, has recommended the prudential regulator improve its communications with trustees and proactively plan for systemic risks, such as valuation of unlisted assets. It comes as research shows super trustees are less satisfied with APRA than their banking and insurance peers.
MA Moelis Australia has appointed Paul Hissey and Tom Tweedie as executive director and vice president of its equity research team, respectively.
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