Australia’s largest super fund AustralianSuper has appointed senior executives to head up retirement and members, highlighting the growing focus of super funds in the decumulation asset phase as more members retire.
Married couple Richard and Gwenda Marshall have been banned from providing financial services for six and three years, respectively, for operating a financial services business without holding an AFSL licence.
The SMSF Association remains “resolutely opposed” to a cap on superannuation balances which has been proposed by Labor.
The outcome of the AMP Buyers of Last Resort class action suit is not expected until next year, an AMP spokesperson has confirmed to Professional Planner.
Perpetual has received another non-binding proposal from BPEA Private Equity and Regal Partners which it has rejected.
AMP kicked off its national conference in the Gold Coast last night with a dinner presenting the ASTRUM Awards, recognising practices and advisers in the network.
The major banks reported a combined cash profit after tax of $28.5 billion, a 7.2 per cent increase from FY21 despite inflation and rising interest rates creating pressure on consumers.
iExtend has appointed Lindsay Stark as a senior risk manager, who will provide support and expert guidance on the growing number of individual qualifying policies to be co-owned by iExtend.
ASIC has placed an interim stop order on offers from Finnia Income in response to deficiencies in the issuer’s target market determination (TMD).
Industry super funds CareSuper and Spirit Super have begun exploring the possibility of merging, but the projected combined pool will be below APRA’s preferred fund size.
The $26 billion Spirit Super is looking at investment opportunities in regional Australia as it moves on from its failed acquisition of the port of Geelong. The fund has also been de-risking its portfolio a year ago in anticipation of rising inflation.
Research shows ESG, sustainability and carbon transition activities of super funds incur a relatively high tracking error, increasing the risk of funds failing the test.
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