Minister for Financial Services Stephen Jones is still confident of reforms to broaden access to financial advice despite reports that secret stakeholder consultations over the Delivering Better Financial Outcomes bill were “at risk of collapse”.
Cbus Super has added three new member directors nominated by the Construction, Forestry and Maritime Employees Union, following an independent review by Deloitte found that they passed the ‘fit and proper persons test’.
A fast-changing investment landscape and an ever-growing need to align portfolios with sustainability goals demands a relationship between asset owner and asset manager built on a foundation of innovation, sustainability, and collaboration.
CareSuper and The Meat Industry Employees’ Superannuation Fund (MIESF) have entered into a Heads of Agreement to explore a member transfer into CareSuper.
The UK Chancellor of the Exchequer Rachel Reeves has pledged to turn the nation’s pension providers into Australian- and Canadian-style “mega-funds”, by supercharging consolidation with measures such as imposing minimum size requirements on defined contribution funds. But while there has been a positive link between scale and investment performance in the Australian market, mega funds have their woes and the UK may want to heed the cautionary tale.
Earlier this year a Dutch court found past advertisements by KLM Royal Dutch Airlines misled consumers and “falsely create the impression that flying with KLM is sustainable”. Marketing around the world regarding the sustainability of the aviation industry does seem increasingly at odds with reality.
Morningstar Australasia has hired Eva Cook as director of manager research ratings and new asset class lead in equities for Australia and New Zealand.
REST chief member officer Deborah Potts has resigned from the super fund after a 9-year career with the fund.
In his first major public appearance since the start of the media and regulatory storm engulfing Cbus, chief executive Kristian Fok has strategically defended the fund’s much-scrutinised relationship with the construction union CFMEU, arguing that there has been “incredible value” working with the union, but remained tight-lipped on the nature of any future engagement. He also apologised to members about insurance claims delays, but blamed external administrator MUFG Pension & Market Services for having the bulk of the problems.
At the peak of his popularity former WA premier Mark McGowan enjoyed approval ratings upwards of 90 per cent. When he quit politics last year it was a surprise to many, but it capped a 26-year political career and serves as an object lesson in how to quit at the top.
TCorp, the investment manager of NSW public sector, has acquired an interest in international maritime operator, Cyan Renewables.
Troubled industry fund Cbus is being sued by ASIC for repeated failure to handle death benefits and TPD insurance claims which has caused an estimated $20 million loss to claimants. It’s sparked calls from consumer groups and the opposition for the government to ramp up oversight of the sector.
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Investment Magazine provides in-depth, monthly analysis of trends and developments for all the businesses in which superannuation funds engage‚ including asset allocation, investment manager selection, custody and fund accounting, member administration, group insurance and compliance.
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