Cyclone Alfred preparation delays DBFO Tranche 2 release

The Albanese government has finalised key elements of the contentious second tranche of the Delivering Better Financial Outcomes legislation, including intra-fund advice charging mechanisms and nudges for super funds. But its expected release of draft legislation on Friday was delayed amid national preparation efforts for the tropical cyclone impacting Australia’s east coast.

APRA sets the clock ticking on trustee director tenure

A package of proposals designed to improve governance of APRA-regulated entities sets lifetime tenure limit of 10 years for super fund trustee directors. It also aims to substantially beef up monitoring and enforcement of director competence, skills and propriety, and challenge board appointments when it believes individuals aren’t fit to serve.

Super industry faces up to its tipping-point challenge

Australia’s superannuation system is set for major changes in the lead up to 2062 when assets in accumulation are forecast to be eclipsed by decumulation. Speaking at CFA Society Australia’s Investment Leaders Forum, a panel of industry experts predicted that themes including heightened competition, mass customisation and financial advice will determine the winners and losers.

Vanguard sets sights on private markets (at the right price)

The global CEO of the US$10.4 trillion ($16.7 trillion) Vanguard Group says investors and regulators are right to be cautious on private markets but that the index giant would consider partnering with managers to bring the asset class to its customers for a lower price tag. The comments follow ASIC’s landmark report into how super funds are investing in private assets.

AMP licensees re-brand as Akumin

Entireti will rebrand the former AMP licensees it acquired last year to Akumin. Entireti acquired AMP’s financial advice businesses, including AMP Financial Planning, Hillross and Charter Financial Planning, which had been temporarily operating as NewCo. Akumin houses those offers including AMP Financial Planning, which will be rebranded to Akumin Financial Planning. Late last year, Entireti … Read more

Landmark US super summit triggers best financial interests questions

The delegation of super fund leaders and lobbyists that headed to Washington DC and New York last week was a milestone moment for the industry’s global influence and may have even aided Australia’s economic relationship with the US. But some funds say the trip failed to meet their best financial interests duty assessment, and attendees are now being asked by the Senate to justify the costs.