Superannuation
Superannuation consumer group, Super Consumers Australia, has endorsed an amendment to the Government’s Putting Members’ Interests First legislation which would effectively carve-out workers in dangerous occupations.
While a court decision is still pending on the Australian Prudential Regulation Authority’s action against IOOF Limited, a Parliamentary Committee has heard from the Australian Securities and Investments Commission that use of members’ funds to pay fines is not unusual.
Superannuation funds will also be exposed to the Australian Securities and Investments Commission’s enhanced search warrant powers according to the explanatory materials accompanying proposed new federal legislation.
A key Parliamentary Committee has backed the 1 July, 2020 implementation date for the legislation which closes the loophole which has allowed unscrupulous employers to count employee superannuation contributions towards their superannuation guarantee obligations.
A new white paper has identified the generosity of disability insurance products as being one of the root causes of the problems confronting insurers.
