Australian Retirement Trust and UniSuper said “qualified advisers” – a second-tier of financial advice proposed in the QAR – have much to offer on the group insurance front by helping trustees deal with insurance claims quicker and with more personal member care.
Superannuation and life insurance industry executives have hit back at Coalition Senator Andrew Bragg’s characterisation of group insurance as “junk insurance” that provides a “false safety net” for members.
Industry fund NGS Super has made a series of promotions in the investment team.
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.
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.
After flagging it in the recent restructuring announcement, Insignia Financial has revealed that Dave Woodall will become the new superannuation CEO from 1 November.
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.
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.
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.
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 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 has appointed Robin Bowerman as a non-executive director on the trustee board.
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