Super Review

Deducting advice fees from member accounts gets thumbs-up

The deduction of financial advice from member’s superannuation accounts is reasonable, according to actuarial research house, Rice Warner.

WTW urges caution on APRA heatmaps

The Australian Prudential Regulation Authority’s heatmaps should be treated with caution based on the narrowness of their data and timeframes.

Thousands lost since SG freeze

Workers haven’t seen any wage growth despite that justification being used to freeze the superannuation guarantee, according to a report from Per Capita.

Retail super funds in decline

Retail superannuation funds once dominated in terms of assets held in the industry, but those days are gone.

Call to end the legalese around super products

There has been too much confusion around superannuation products because of an excess of legalese, according to actuarial research house, Rice Warner.

A fundamental challenge for super funds using digital advice is the ability to define the scope and parameters of their advice offering, and how to manage conflicts, Decimal believes.

18 September

Financial advice

Australia’s older workers at risk of automation

While the country ranks well in terms of resilience in ageing and automation as a whole, it is older workers that

18 September

Indigenous people’s super engagement hampered

The lack of identification such as driver’s license and passports are hindering Indigenous people’s ability to

Superannuation funds have expressed concern that their trustee directors are being held to higher standards and obligations than those of other entities because of the terms of the Superannuation Industry (Supervisi

17 September

ASIC questioned over funding ‘activist’ super group

The Australian Securities and Investments Commission has been placed on notice by a Parliamentary Committee over

17 September

What’s the difference between IOOF and Hostplus’ use of member funds?

While a court decision is still pending on the Australian Prudential Regulation Authority’s action against IOOF

With growth assets generally struggling in September, median growth super funds recorded a fall of 1.1 per cent for the month, according to Morningstar.

17 September

Growth funds lose 0.5% in August

While volatility hit markets last month due to macro uncertainties, funds that had non-equity allocations made a

The SCT has appointed four new part-time members who bring significant legal expertise and wide-spread experience in superannuation..

17 September

People & products

Equity Trustees adds independent director

Paul Rogan has been appointed by Equity Trustees as an independent director to the company’s board.

2019-12-04 21:15:00

Knowledge Centre

ESG ‘dating tips’ for asset managers

What does an asset owner look for in an asset manager to help them navigate sustainability and ESG investing?

BNP Paribas

SMSF trustees are steering away from the top 10 ASX stocks as a way to diversity amid volatile conditions, according to SuperConcepts.

17 September

SMSF trades tilt towards selling

Concerns over potential policy changes during the Federal Election earlier this year had SMSFs increasing their

17 September

Cut out cold calling warns FSC

Insurance firms should be prevented from pressuring people to buy products over the phone, according to the

Happy retirement

17 September

Allianz Retire Plus and Macquarie Uni join to measure retirement ‘happiness’

The research project will work with Australians transitioning to retirement and financial advisers giving them

17 September

People & products

Northern Trust launches new dashboards for Omnium

Northern Trust has launched a range of new client dashboards for Omnium, its middle and back office technology

The rules around the provision of scaled advice should not be watered down just because the banks have difficulty in dealing with them, according to a submission by both Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustee

17 September

ASIC looks to super funds as advice providers

The Australian Securities and Investments Commission has acknowledged the likelihood of an advice gap,

APRA chairman, Wayne Byres has confirmed the regulator is pursuing related party issues based on the Trade Union Royal Commission findings.

12 September

Super funds also exposed to ASIC search warrant powers

Superannuation funds will also be exposed to the Australian Securities and Investments Commission’s enhanced

Superannuation funds need to adapt and review alternative operating models as pressure from regulatory scrutiny, greater competition, and lower growth increases, according to a Mercer report. Mercer’s ‘Pathways to success’ whitepaper said super funds need

12 September

Super funds need to consider unique target member outcomes

Rice Warner has encouraged funds to critically think about what outcomes the fund is aiming to achieve for its

The Federal Government has been urged to increase funding for the Superannuation Complaints Tribunal in the May Budget as it again struggles to meet its workload.

12 September

Institutional investment

US/China ‘irreconcilable differences’ to exacerbate global growth

Global growth restructuring, the tense US/China relationship, and central banks failing to meet 2% inflation

The lack of robust data is the most influential barrier for institutional investors to further incorporate environmental, social, and governance (ESG) into investment decision making, according to BNP Paribas Securities Services. BNP Paribas Securities Se

12 September

HESTA and LGS Super named global leaders in responsible investment

UNPRI has selected six Australian super funds as leaders in responsible investment worldwide.

12 September

LGIAsuper invests in London club

Queensland-based superfund LGIAsuper has invested $18 million in the refurbishment of a historic London members’

AIA is now the life insurance market leader thanks to its acquisition of CommInsure as it now has a combined $3.9 million, or 25 per cent, in in-force risk market share, according to DEXX&R. DEXX&R’s latest life risk sales report over the year to June 201

12 September

Financial advice

Kiwis aware of life insurance but take up slow

Advisers have an opportunity to educate New Zealanders that life insurance is vital, according to the Financial

12 September

Institutional investment

APRA and RBA up their interest in climate change

Autumn 2019 was ranked as the second-highest Autumn for extreme temperatures since 1981, according to the

12 September

FSC NZ identifies six key issues for KiwiSaver

The Financial Services Council of New Zealand has released a new discussion paper which aims to identify six key

10 September

No retrospectivity on SG loophole closure

A key Parliamentary Committee has backed the 1 July, 2020 implementation date for the legislation which closes the

10 September

QSuper members contribute over $69m by downsizing

The average contribution made through the downsizer measure was $220,000.

10 September

Law must change to make super payable on payday

The ATO’s handling of punishing employers who do not pay their workers super is negligible at best, ISA believes.

10 September

Second LEI extension unlikely

SMSF trustees will need a Legal Entity Identifier by 30 September if they want to transact non-exchange traded

9 September

Timing important for super members relying on interest

Growth and balanced superannuation funds saw losses in August, but more defensive funds made a positive return,

6 September

Institutional investment

Should super targets be lower?

Super funds are not communicating to members that their investment targets are not taking into account the new

The superannuation industry needs to end its infighting if it is to be taken seriously by Government, according to ASFA chairman, Michael Easson.

5 September

Financial advice

Ban unsolicited telephone super sales says AFA

The Association of Financial Advisers has urged the banning of unsolicited sale telephone sale of superannuation

The latest APRA data has confirmed that disability products are continue to challenge Australia’s insurers.

5 September

Generosity at the root of disability insurance problems

A new white paper has identified the generosity of disability insurance products as being one of the root causes

Identifying what beneficiaries are asking for is the first step to ESG implementation, according to SSGA.

5 September

Institutional investment

Neuberger Berman tops UNPRI scorecard

The investment manager integrates ESG by reviewing securities that are likely to financial benefit or suffer from

LT Management has paid a $10,800 infringement notice penalty after the corporate regulator found it made potentially misleading statements about the cost of setting up a self-managed superannuation fund (SMSF) using the services of RS Capital Partners, tr

5 September

Super trustees could be hit with $4k penalty

The ATO is looking to audit funds that are invested in a single asset class and will slap a penalty on them if the

5 September

SMSF advice beyond scope of TPB review

Providing advice with respect to self-managed superannuation funds is complex and something deserving deeper

3 September

Post retirement

Don’t wait for Govt on CIPRs

Waiting for the Government to finally move on Comprehensive Income Products in Retirement risks denying

Vision Super will achieve a reduction of 75 per cent of the carbon foot print benchmark by replacing companies with low carbon investments.

3 September

HESTA attains carbon neutral certification

The HESTA fund has purchased certified offsets and implemented measures to reduce its carbon footprint.

3 September

Women need to ‘start accepting praise’

Money Management and Super Review’s Women in Financial Services Awards will be held on 23 October.

The Insurance in Superannuation Working Group is expected to release its first discussion paper within the next few months.

3 September

Reversionary docs will not always override BDBNs

Advisers could bear significant legal risks if an SMSF deed states that pension documentation would override a

Retail super fund, Living Super, will compensate $5.38 million to 24,500 members after ASIC found their promotional material to be misleading.

3 September

Financial advice

Suncorp pays $1.4m in compensation

Following a remediation program Suncorp has compensated 4,000 GuardianFP clients.

MLC has made give new hires in its group insurance team following the partnership between NAB and Nippon Life.

3 September

People & products

Northern Trust hires State Street duo

Northern Trust has added Mat Cook and Rob Dixon, both from State Street, to its capital markets business.

A key superannuation body has acknowledged the damage inflicted by negative publicity on financial services licensees and has urged the Government to move cautiously in imposing a more rigorous self-reporting regime, including naming licensees involved in

3 September

Financial advice

APRA foreshadows getting ‘constructively tough’

The Australian Prudential Regulation Authority has signalled its intention to emulate the Australian Securities

30 August

MySuper – beauty is in the eye of the beholder

Rollover feels a certain amount of sympathy for Deloitte’s superannuation partner, Russell Mason who candidly

30 August

Avoiding making a Burke of oneself

Rollover does enjoy a good intellectual joust but he also knows when he is out of his league.

30 August

Retail super wounded? “Tis but a scratch”

Rollover was greatly pleased to hear unanimity among panellists at the Future of Super Conference that retail

A number of superannuation fund trustees and observers have blamed lawyer involvement for the increasing costs of delivering total and permanent disability insurance, but lawyer, Peter Koutsoukis argues the insurers should look to their own backyards.

29 August

ASIC/APRA focus on super underperformance

The two major regulators have placed superannuation fund underperformance at the top of their agendas.

The Minister for Revenue and Financial Services, Kelly O’Dwyer established an inter-departmental working group on non-payment of the super guarantee without telling a Senate committee.

29 August

Super funds face heavy APRA workload

Superannuation funds are facing a heavy workload if they are to meet the requirements of the Australian Prudential

Northern trust australian market custody

29 August

Link up 123% in profit

The group has announced an on-market share buy-back program and cited client losses and fund mergers as near-term

The latest APRA data has placed the importance of group insurance in context.

29 August

More awareness needed around insurance inside super

One of the biggest barriers preventing super fund engagement was lack of trust surrounding insurer pay outs,

NAB Asset Servicing holds most assets under custody despite 16.8 per cent decrease, according to ACSA data.

29 August

Super industry reaches $2.9trn

International listed equities had the largest allocation at 24.4 per cent as at 30 June 2019, according to APRA.

29 August

Institutional investment

Funds look to illiquids for yield

Superannuation funds are increasing their weightings towards alternatives, private equity, private debt,

While conducting remuneration gap analyses are on the rise, only 33.3 per cent have a specific gender pay gap equity objective, according to WGEA data.

29 August

Women retire with 47% less super

It’s difficult to know where to start when it comes to closing the gender gap but creating a diverse and inclusive

29 August

People & products

Northern Trust names senior relationship manager

Grace Hayman has been appointed as senior relationship manager for its securities lending business in Australia

29 August

People & products

Pendal appoints US JOHCM CEO

Pendal has appointed a new chief executive for the J O Hambro Capital Management operations in the US – former

27 August

Link moves out of South Africa

The Johannesburg Stock Exchange has acquired Link’s South African business for $21.5 million.