Former Association of Superannuation Funds of Australia (ASFA) chief executive, Pauline Vamos has been appointed as a non-executive director of Decimal’s board.
Decimal chairman, Mark Potts said Vamos would bring extensive superannuation knowledge and expertise to the board, and was an ambassador in financial services.
“The appointment comes at a time when Decimal is making significant inroads in the superannuation sector by enabling providers of all sizes with the capability to engage their members more meaningfully through digital advice,” Potts said.
Vamos said the opportunity to help the financial services sector transition to technology-based member engagement was too compelling to pass up.
“As we know, no fund has yet fully nailed member engagement. I believe that digital advice and scalable technology makes it more accessible, objective, cost effective, and convenient,” she said.
“As CEO of ASFA I spent a lot of time leading the conversation with funds and providers on the need to innovate their engagement models.”
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.