ASIC’s Moneysmart has urged super funds to better engage with millennial members and improve services, transparency and access to information, following a roundtable with financial advisers, research and content creators.
For the first time since the introduction of Your Future Your Super, every MySuper product has passed the annual performance test. Despite the improved results, there are urgent calls for the test to evolve to consider a wider range of performance factors and be extended to retirement products.
Every MySuper fund seems to have worked out how to play the Your Future Your Super annual performance test game. But the current test distorts funds’ behaviour and can lead to poorer outcomes, so it’s time to get on with the task of redesigning the test to make sure it really works in members’ interests.
APRA has unveiled its first major restructure since 2019 following the Hayne royal commission, but regulation expert and UNSW associate professor Scott Donald has questioned whether the decision to combine life insurance, private health insurance and superannuation into a single ‘frontline supervision division’ is the best way to serve its prudential regulation purpose.
NGS Super has appointed John Battams as its independent chair, starting in the new year and replacing Geoff Newcombe who is stepping down on 31 December 2024.
Modern super funds are hungry for data to improve the member experience but Commonwealth Superannuation Corporation chief customer officer Adam Nettheim says too much data can be a problem rather than an advantage. In developing the fund’s latest Retirement Income Strategy, he says finding the data points that actually matter is a big challenge.
Cross-sectional volatility in equity markets may be at an all-time low, but an Investment Magazine roundtable has heard that the frequency and severity of shocks has never been higher. In this environment, investors must be braced for the possibility of a volatility storm just over the horizon.
Veteran journalist, publisher and entrepreneur Greg Bright has died aged 70. Bright was a founder of Conexus Financial, publisher of Investment Magazine, Professional Planner and Top1000funds.com. He also created and managed a range of other titles in a career spanning more than four decades.
Queensland-based super fund BUSSQ has sought a judicial review in the federal court regarding APRA’s recent decision to impose additional licence conditions on the fund.
AMP chief executive Alexis George has rejected any suggestion of further “divestment plans” following the sell-down of its financial advice businesses earlier this month. George tells Investment Magazine that the company’s retail super business is increasingly competitive and a key plank in her strategy to turn around AMP’s fortunes.
Investors can expect more standardised climate information from large Australian listed and unlisted companies in the new year, after a Treasury amendment bill that sets out mandatory climate risk disclosure rule passed the Senate on Wednesday. While initially beneficiaries of the rule as investors, super funds will face the same responsibilities after a phase-in period.
Major super funds and industry peak bodies have welcomed the introduction of the Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 into Parliament.
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