APRA deputy chair Margaret Cole has praised super funds for experimenting with digital advice offerings ahead of the DBFO reforms, while ASIC Commissioner Simone Constant has urged industry leaders to push back against overbearing internal compliance officers. The comments reflect a change in tune from both agencies, which even extends to a possible ‘regulatory sandbox’ to promote innovation in financial services.
Leading an organisation when things are good is one thing; leading it when the entire organisation is under stress and scrutiny is something else. UniSuper chief executive officer Peter Chun, who has been named the 2025 FEAL Fund Executive of the Year, has experienced both scenarios since joining the fund and says good leadership demands adaptability.
We are currently in the midst of an important national conversation about productivity and the inhibitors to growth ahead of the government’s Economic Reform Roundtable next week. The Prime Minister and Treasurer deserve much credit for putting the spotlight on ideas to propel Australia into a new era of prosperity so early in their new … Read more
UniSuper has developed an AI-enabled system for reviewing the currency and compliance of more than 113,000 digital assets in a matter of seconds, inspired by a presentation at an AI conference about airport safety in Singapore. But the $190 billion fund’s head of digital and customer experience, Brendan Donoghue, says despite the immense potential of AI within funds, they should never let technology define the process, or the customer experience.
Minister for Financial Services Daniel Mulino says failures like Shield and First Guardian show the importance of regulatory guardrails and anticipates more concerning business models will emerge, even as he re-iterated full support for cutting red tape in financial advice.
Behavioural science is a powerful tool in improving the engagement of communication and supporting members to act and make better decisions. The benefits to funds are clear: engaged members are more likely to stay with their fund, and to recommend it to others, as well as being better off in the long-run and better prepared to deal with what life throws at them.
Minister for Financial Services Daniel Mulino has confirmed that The Your Future Your Super performance test will be subject to further scrutiny and possibly changes as the Albanese government looks for new ways to boost economic productivity. The comments come as ASIC also announces a review into aspects of RG97.
ASIC is taking the $71 billion Mercer Super to court over allegations that it failed to comply with the reportable situations regime by not informing the regulator about investigations into “serious member services issues”.
The new Minister for Financial Services and Assistant Treasurer Daniel Mulino told the Conexus Retirement Leaders Summit that he intends to have Tranche 2b draft legislation out this year and that the reforms remain a top priority. Mulino said consultation on the draft could be relatively quick given the level of consultation already undertaken.
Three years on from the introduction of the Retirement Income Covenant, research by the joint superannuation industry regulators ASIC and APRA suggests a gap emerging between the best and worst responses. They have told the Conexus Retirement Leaders Summit in Canberra that despite progress even since last year, the industry still has more to do to ensure it supports Australians transitioning into retirement.
Not implementing soft default retirement products – where members opt-in to a suggested product – is a “squandered opportunity”, according to Australian Retirement Trust. The megafund will unveil more details of its plan for reform at the Conexus Retirement Leaders Summit today.
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