Super fund reporting and audit obligations commence
Super funds will be required to submit audited financial reports within three months of the end of the fund’s financial year with fees incurred for late lodgement under new rules governed by ASIC.
Wayne Swan, Cbus caught up in CFMEU maelstrom
Explosive allegations about misconduct by militant trade union the CFMEU and its historic and interpersonal links to Cbus are fuelling political opposition to the growing profit-to-member super sector. Longtime critic Senator Andrew Bragg used the Investment Magazine Insurance in Super Summit to call for Cbus chair and federal Labor Party president Wayne Swan to resign from one or both of the roles.
Insignia Financial names superannuation CEO
After flagging it in the recent restructuring announcement, Insignia Financial has revealed that Dave Woodall will become the new superannuation CEO from 1 November.
Super complaints slow, but claims remain the Achilles heel
When AFCA releases its official statistics for the past financial year, it will show the rate of increase in superannuation complaints has slowed. However, despite the Minister for Financial Services Stephen Jones urging the industry to do better 12 months ago, complaints about delays in handling insurance claims remain the number one source of member disgruntlement.
ART reshuffles executive team
The nation’s second-largest super fund, Australian Retirement Trust, has reshuffled its executive team in one of the first major moves under new CEO, David Anderson.
Claims handling improves but too soon to declare success: Jones
Minister for Financial Services Stephen Jones has softened his tone on insufficiencies in trustees’ claims handling processes. However, he told the Investment Magazine Insurance in Super Summit that it’s “a bit early to claim success” on eliminating delays in insurance claims-handling, with room for improvement remaining.
Affordable housing managers merge with industry fund backing
Backed by two of the nation’s biggest super funds, AustralianSuper and HESTA, real estate managers Assemble and Super Housing Partnerships have merged to “further unlock” the capital flow across mid-market housing.
REST makes impact allocation in its PE book
REST has made a US$75 million ($112 million) impact investment allocation to a private equity fund expected to “benefit from the long-term decarbonisation and deglobalisation of the global economy”.
Vanguard Super appoints non-executive director to trustee board
Vanguard Super has appointed Robin Bowerman as a non-executive director on the trustee board.
Qantas Super merger the next step of ART’s ‘awakening’
Since Australian Retirement Trust’s inception, the industry has been waiting to see whether (or when) the now-$300 billion fund can draw level and overtake the nation’s largest player, the $335 billion AustralianSuper. With a boost to its AUM from the Qantas Super merger, ART could be one step closer to its ‘awakening’.
Funds better at handling claims but pain points remain: AFCA
Ahead of her appearance at the Insurance in Super Summit on Tuesday, Australian Financial Complaints Authority lead superannuation ombudsman Heather Gray acknowledges that funds are “working hard” to increase resources and improve efficiency in responding to member queries. But with increasing political scrutiny around group insurance, funds need to go beyond “working hard” and actually come up with ways to better meet community expectations.
License to thrill members with retirement income solutions
A mixed response to retirement income covenant obligations has prompted the regulators to urge super funds to move faster and move further. A new green paper proposes an approach that would leave the retirement income field open only to those funds that really want to provide a high standard offering.
