Superannuation

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Several CFA members including: CHOICE, the Consumer Policy and Research Centre (CPRC), the Consumer Action Law Centre (CALC), and the Queensland Consumers Association (QCA), made written submissions on the PC’s draft report on “Right to Repair”. The PC made draft recommendations on many aspects of this very complex and diverse topic. The CFA member submissions…

Read More CFA members make submissions to Productivity Commission (PC) “Right to Repair” Inquiry

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The Financial Services Council (FSC) has today announced it will be introducing an enforceable FSC Standard to prohibit the use of exclusions and restrictive disability definitions because a member is employed in a high-risk occupation. It will apply to all default group life insurance in superannuation amongst FSC members. This is a media release from the Financial Services…

Read More FSC to ban occupational exclusions in default group life insurance in superannuation

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On Friday 24th September the Australian Securities & Investments Commission (ASIC) released a report on the state of competition in Australia’s funds management industry. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 24th September, 2021. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between…

Read More ASIC release report on competition in the Australian funds management industry

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Super fund lobby groups have dumped a code of conduct that could have improved how funds handle life insurance claims. Consumer groups Super Consumers Australia and Financial Rights Legal Centre are calling out a self-interested move from industry lobby groups including the Australian Institute of Superannuation Trustees (AIST), the Association of Super Funds Australia (ASFA)…

Read More Super lobby groups fail to keep promises to consumers

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On Monday 12 April, Consumers’ Federation Australia (CFA) and the Australian Competition & Consumer Commission (ACCC) co-hosted the Consumer Advocacy Showcase & Award, in the final online session for the 2021 ACCC National Consumer Congress. The Showcase celebrates effective and good practice within consumer advocacy. The joint-winners were Fiona Guthrie, with Who’s Making Australians Bankrupt?; and Matthias Oldham, with Junk Insurance…

Read More CFA & ACCC Consumer Advocacy Showcase & Award Winners

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Older Australians will benefit from several measures in the Federal Budget aimed at increasing workforce participation and fixing retirement incomes, Council on the Ageing (COTA) Australia says, but support for vulnerable groups like renters is still missing and long-term solutions are needed to ensure vulnerable Australians are adequately supported. This is a Council on the Ageing…

Read More Older Australians to benefit from Budget’s employment and super reforms; consultation needed on support payments, retirement income

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Super Consumers acknowledges positive steps, with the reforms to deliver fairer super outcomes for women and additional funding for consumer advocacy “Tonight’s budget is a step towards fairer super”, says Xavier O’Halloran, director of Super Consumers Australia. “We welcome the progress made. Financial comfort in retirement is key to people’s wellbeing. Nobody should be left…

Read More Federal Budget “a step towards fairer super”

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Consumer advocacy group Super Consumers Australia welcomes the ‘Your Future, Your Super’ reforms announced in the Federal Budget tonight. “Overall, the government’s ‘Your Future, Your Super’ reforms create a better superannuation system for consumers and lift standards across the sector. These reforms will leave more people with more money in retirement,” says Xavier O’Halloran, Director…

Read More Reforms will leave Australians with more in retirement: Super Consumers Australia

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Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid. Between 2017 to 2020, ASIC engaged with seven superannuation businesses, (comprising nine superannuation trustees) that had been, either at the time or…

Read More Superannuation trustees compensate members wrongly classified as ‘smokers’

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The Conexus Institute, Actuaries Institute and Super Consumers Australia have collaborated to produce an Information Sheet addressing early access to super. As you are aware the Government is allowing eligible individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. A challenge for super funds…

Read More An Information Sheet relating to early access to super

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Scammers are now trying to exploit Australians financially impacted by the COVID-19 crisis with new superannuation scams being reported to Scamwatch in recent weeks. Scammers are already trying to take advantage of the Government’s recent announcement that people suffering financial hardship can have partial access to their superannuation from mid-April. “Scammers are cold-calling people claiming…

Read More Scammers targeting superannuation in COVID-19 crisis

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ASIC has written a letter to the real estate institutes in each state outlining concerns about some real estate agents who are advising tenants to apply for early release of their superannuation. AISC warns that such conduct by real estate agents may be in contravention of the Corporations Act as it may may constitute unlicensed…

Read More ASIC warns of unlicensed financial advice by real estate agents to tenants