POWERED BY MOMENTUM MEDIA
Bank makes $11 million SG error
Bank of Queensland (BOQ) has confirmed it has been forced to embark on a superannuation remediation exercise, including utilising the Government’s amnesty arrangements.
The banks revealed its position in an announcement released to the Australian Securities Exchange (ASX) today stating that an internal review had uncovered superannuation guarantee (SG) payment irregularities with respect to an enterprise agreement covering 2010, 2014 and 2018.
It said it had made a full and unreserved apology to the people affected and would ensure people were remediated as a matter of priority.
“BOQ has already made superannuation payments to the Australian Taxation Office [ATO] as part of the Superannuation Guarantee Amnesty in the amount of $2.4 million,” it said. “BOQ and the ATO will contact any current and former employees receiving these superannuation payments in coming months.”
The bank said it had advised the Fair Work Ombudsman and the Financial Services Union and had engaged external third parties to assist with the analysis and remediation process.
“The impact of the errors remain under investigation with further work to be done to determine the full impact,” it said. “An expense of $11 million (which includes $2.4 million already paid and provision of $8.6 million) will be taken in the FY20 financial statements,” it said.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
LOL