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.
Treasury’s consultation on a set of best-practice principles for retirement income solutions sets out the things all funds should do to give members the best possible outcomes. The guidelines, if implemented, will lift standards across the superannuation industry but critics say thatfunds must also stay focused on the highly individualised needs of members.
Amid rising volatility and regulatory pressure, Australian asset owners are turning to derivatives and smarter collateral strategies to boost liquidity and resilience. By broadening collateral beyond cash and leveraging triparty structures, institutions can unlock operational alpha and protect portfolios – positioning themselves to thrive in a rapidly evolving global landscape.
The Albanese government is expected to hold a review of the Your Future Your Super performance test within the next year to ensure super funds can invest in members’ best financial interests. While supporters credit the test for weeding out poor funds and helping to keep fees low for members, critics warn it has encouraged herding behaviour and disincentivises responsible investment.
A strong June quarter drove AMP’s superannuation division to positive net cashflow for the first time in eight years. Chief executive officer Alexis George says there’s more to be done to improve inflows and stem non-pension outflows but that the business is on-track to achieve sustainable positive cashflow in FY26.
New Minister for Financial Services Daniel Mulino will push ahead with minimum member service standards in the superannuation industry following a string of poor insurance and death benefit claims handling incidents. In an exclusive interview with Investment Magazine, the minister says the super system is an integral part of Australia’s social safety net, but that the government wants to make it “stronger”.
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We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
