The $115 billion super fund has appointed specialist asset manager, Revolution Asset Management, to oversee its private debt portfolio in Australia and New Zealand.
The first quarter wrapped up 9 per cent higher on financial product registrations than the five-year rolling average for the same period, with superannuation products leading the charge.
According to this senior adviser, APRA’s ‘politicisation of regulation’ has led to issues with the YFYS test.
If safe harbour provisions are removed, the existing ‘best interests duty’ could ensure super fund members are not taken advantage of, according to the Australian Institute of Superannuation Trustees.
Minister for Financial Services, Stephen Jones, has confirmed he expects the Your Future, Your Super performance test to be extended by 800 funds from August.
ASIC had banned Gold Coast-based director Darren Thomas Edden-Brown for eight years for promoting and helping consumers access their superannuation early to buy a home or pay personal debts.
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Super funds managed to generate positive returns in the first quarter of 2023 with diversification helping to capture upside benefits and manage market volatility.
ASIC has acted against 11 SMSF auditors for breaches of their obligations, including seven disqualifications.
The SMSF Association has raised concerns about a proposed legislative change that would exclude certain distributions funded by capital raisings being eligible for franking credits.