Superannuation

Post thumbnail

ASIC’s review found that often there was insufficient emphasis on and a lack of transparency about Choice investment options that failed to meet performance expectations. There was little evidence of trustees communicating to members about investment option performance in a targeted manner, and financial advisers were not always addressing underperformance where relevant.

‘Members should be informed about their super investments – not left in the dark if their super investments are not performing as expected, and there may be better alternatives,’ Ms Constant said.

Read More ASIC Calls on Industry to Address Issues and Improve Oversight on Choice Super Performance

workshop, sign, signpost-745010.jpg workshop, sign, signpost-745010.jpg

ASIC has published a summary document from a 30 November 2023 virtual workshop which focussed on building an understanding of identification verification challenges faced by First Nations consumers, and how industry can apply flexible approaches while meeting legislative requirements.

Read More ASIC Releases Summary for Indigenous Financial Services Framework Workshop

financial, analysis, accounting-4560047.jpg financial, analysis, accounting-4560047.jpg

“The volume of complaints escalated to AFCA has been increasing at an unsustainable rate,” David Locke, the Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA), said.  

“Scam-related complaints to AFCA have nearly doubled between 2022 and 2023. They continue to be of great concern to us. We are also seeing the impact of increased interest rates and cost of living pressures, with complaints involving financial hardship also significantly higher,” Mr Locke said.

Read More Ombudsman Warns of “Unsustainable” Increase as AFCA sees a Record 100,000 Complaints

retirement, retirement planning, savings-3585585.jpg retirement, retirement planning, savings-3585585.jpg

In the 2023–24 Budget, the Government announced funding to support a consumer advocate in the superannuation sector. This means that consumers will have an independent voice advocating for better outcomes on their behalf to Government and industry.

Super Consumers Australia has been chosen as the successful recipient of this funding, following an open and competitive grant process. Super Consumers Australia will promote the interests of members by representing members in policy development and supporting better member understanding of the superannuation system.

Read More Strong Consumer Voice for Superannuation Sector Announced

Books on a shelf. The spines read 'LAW CASES' Books on a shelf. The spines read 'LAW CASES'

Original media release by ASIC (6/11/2023). ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.  This is the first proceeding under this regime, which came into effect on 5 October 2021. The new regime makes certain provisions of ASIC’s Regulatory Guide for Internal…

Read More ASIC Takes Action Against Telstra Super in First Proceeding Under its New Regime

financial, analysis, accounting-4560047.jpg financial, analysis, accounting-4560047.jpg

The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.

Read More Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’

audit, financial advisor, table-3167425.jpg audit, financial advisor, table-3167425.jpg

A thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant has found that trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

Read More APRA, ASIC: Super trustees need to improve retirement outcomes planning’