Superannuation Archives - Consumers' Federation of Australia

8 November , 2023

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

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…

23 October , 2023

Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’

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.

22 September , 2023

Single Parents Unfairly Priced Out of Health Insurance

Single parents who want to cover their children on their policy will be slugged with an increase of up to 60–70% in many cases. Sometimes they’ll even pay twice as much.

21 September , 2023

Calls for Independent Inquiry into Super Insurance Gaps

Research conducted by CHOICE in 2022 found many Australians aren’t aware of what insurance they have through their super. Only 54% of respondents knew how much they paid for insurance, and just 51% knew what situations their super insurance covered.

19 September , 2023

AustralianSuper Sued Over Multiple Superannuation Accounts

ASIC alleges that for almost ten years, AustralianSuper failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts and to merge those accounts, where merger was in the member’s best interests.

8 September , 2023

Super Consumers Australia: “System-wide quality testing needed”

Today’s super performance test results have revealed 96 underperforming choice products in
the market.

22 August , 2023

ASIC Commences Greenwashing Case Against Active Super

ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super) alleging misleading conduct and misrepresentations to the market relating to claims it was an ethical and responsible superannuation fund.

18 July , 2023

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

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).

24 May , 2023

AFCA Publishes Second Systemic Issues Insights Report

Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year

Image 11 May , 2023

Voice for Consumers Will Strengthen Superannuation

Original media release on 9/05/2023 by Super Consumers Australia (SCA). The Federal Government has strengthened the superannuation system today by ensuringpeople are paid the super they earn, creating fairer super tax concessions and providinglong-term funding to continue an independent superannuation consumer advocate. SuperConsumers Australia has been delivering on this mission for the last five years…

Image 2 May , 2023

Super Payday

Super Consumers Australia welcomes the Federal Government’s announcement that people will now be paid super at the same time as wages. The move will see more money in the pockets of Australians at retirement and help the regulator crack down on wage theft.

Image 1 May , 2023

“Some super funds shouldn’t be in the market”

With the release of the Australian Prudential Regulation Authority’s (APRA) ‘Choice Heatmap‘ which provides greater performance transparency and scrutiny on various multi-sector Choice investment options, Super Consumers Australia (SCA) released a media statement on 26/04/2023 (below) calling for more transparency and testing while emphasising the specific vulnerability of Australian retirees: “It is appalling that after…