Two of Australia’s largest super funds, with over $100 billion in funds under management each, have delivered positive returns although one fell short of double-digit returns.
Scope, competency, and charging arrangements will be the three critical factors when it comes to superannuation funds providing financial advice, according to Minister for Financial Services, Stephen Jones.
One year into its implementation, a joint ASIC/APRA thematic review has found trustees need to make more progress on enhancing retirement outcomes for members under the Retirement Income Covenant.
A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super.
A review has found APRA’s supervision and resolution work in unlisted assets and associated valuation practices may have been “deprioritised”, emerging more in response to media coverage of the issue.
Colonial First State Investments has reached an in-principle $100m settlement regarding a superannuation class action about grandfathered commission.
Prime Minister Anthony Albanese has announced the successor for Philip Lowe at the Reserve Bank of Australia.
The Financial Regulator Assessment Authority has released its review of the Australian Prudential Regulation Authority.
Uncle Dennis’ bid to access the age pension three years early, on the grounds that Indigenous Australians have shorter life expectancies, has been rejected by the Federal Court.
A UK fund manager who works with Australian super funds believes they are nervous about being left exposed if the investment cycle changes but under pressure to invest in passive in order to pass the Your Future, Your Super test.