ASIC puts banks, AMP on notice; IOOF, APRA probed
ASIC expects proceedings soon on fee-for-no-service and a long history of dealings between APRA and IOOF come in for scrutiny.
AMP trustee admits ‘it’s not a perfect system’
Commissioner Kenneth Hayne has questioned whether the trustee overseeing AMP’s various super funds can fulfil its obligations to members.
ANZ flouted own, regulator’s warnings on coupling products
Back in 2011, ANZ had identified an “extreme” risk in using its retail network to sell wealth products, yet the practice continued.
Royal commission shines light on super’s ‘internal workings’
QMV superannuation lawyer Jonathan Steffanoni says the sector should take away a heightened awareness of the nature of its responsibilities.
Hayne grills Catholic Super over failed merger
Details of a scuttled tie-up of Catholic funds and conflicts of interest at CSF emerged during the latest hearings of the Hayne inquiry.
CFS misled members after MySuper transfer bungle
Colonial First State executive Linda Elkins admits the organisation wrote misleading communications to its members.
Static wages should rankle super sector: economist
The super industry has a common cause with unions to lift workers’ wages for a healthier economy, visiting economist Stephen Kinsella says.
Hostplus should be ‘10 times the size of AMP’: CEO
Hostplus chief David Elia passionately defended the fund’s marketing and entertainment budget, saying top returns aren’t enough to compete.
Senate committee green lights sweeping super changes
Heavy lobbying from AustralianSuper and others hasn’t stopped life insurance reform legislation from moving ahead without amendments.
NAB withheld information to avoid media fallout: commission
NAB top brass knew the compensation that was likely to be paid to members in an overcharging scandal, but withheld that data from ASIC.
Equip Super insists on ‘rigorous’ trustee selection process
Equip Super’s chair says it insists on completing a “rigorous” trustee selection process, even when it causes a merger deal to fall through.
Assisting indigenous Australians no extra burden: QSuper
QSuper’s Lyn Melcer’s trip to remote indigenous communities showed her “equal isn’t the same for everybody”.
