Superannuation Archives - Consumers' Federation of Australia

17 September , 2024

Advocates Welcome New Scam Framework, Urge Consumer Safeguards be at the Front and Centre

Consumer Action Law Centre, CHOICE, the Australian Communications Consumer Action Network (ACCAN) and Super Consumers Australia, have welcomed the announcement from the Albanese Government of a consultation on a draft bill starting today, for the proposed Scams Prevention Framework. “I congratulate Assistant Treasurer Stephen Jones and the Albanese Government for pushing ahead with these scam…

4 July , 2024

Australians Expect Super Funds to Work Hard Against Scams and Fraud

Super Consumers Australia welcomes the Financial Service Council’s Scam Mitigation Standard, but more work needed from Federal Government to fight scams in super

27 June , 2024

Majority of Concessioners Not Aware of Energy Bill Concessions

A new independent report released by the Melbourne Institute: Applied Economic & Social Research at the University of Melbourne reveals that just over 35 percent of Australians have a concession card, yet only one third of them are aware they may be eligible for energy concessions on their bills. The report surveyed 3187 respondents, 1154…

1 May , 2024

ASIC to Consumers: Hang up on super cold callers

ASIC urges you to hang up on cold callers and scroll past social media click bait offering to help you compare and switch super funds. How super cold calling works Cold callers often use high pressure sales tactics to convince you to buy a product or sign up to a service. Their tactics include making…

26 April , 2024

Five Priorities Highlighted by First Nations Super Summit Report

The 2024 First Nations Super Summit has set five crucial priorities for the Indigenous Superannuation Working Group to address over the next 12 months, aiming to elevate super standards for First Nations people. These priorities include the standardisation of forms and the empowerment of financial counsellors to act on behalf of their Indigenous clients, as…

25 March , 2024

Inquiry into Wholesale Investor and Wholesale Client Tests

On 20 March 2023, the Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into the wholesale investor test for offers of securities (Section 708 of Chapter 6D of the Corporations Act 2001) and the wholesale client test for financial products and services (Sections 761G & 761GA of Chapter 7 of the Act) (referred…

14 March , 2024

Industry Information Package Released in Preparation for the Financial Accountability Regime

Original media release by and for the Australian Securities and Investments Commission (14/03/2024). The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR, which takes effect for banks…

12 March , 2024

Regulatory Initiatives Announced for Financial Sector

Original media release from the Hon. Jim Chalmers (MP, Treasurer) and the Hon. Stephen Jones (MP, Assistant Treasurer, Minister for Financial Services). The Albanese Government will introduce a financial sector regulatory initiatives grid to make sure the standard business of regulation is carried out in a more coordinated way. We want to make it simpler…

7 March , 2024

Closing the Super Gender Balance Pay Gap

Paying super on government paid parental leave is a welcome first step towards closing the super gender balance gap.

4 March , 2024

ASIC Steps Up Surveillance and Website Takedowns to Shut Down Scams

New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC’s scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct.

27 February , 2024

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

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.

2 February , 2024

ASIC Releases Summary for Indigenous Financial Services Framework Workshop

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.