The Australian Financial Complaints Authority has no alternative but to make referrals to either the Australian Securities and Investments Commission or the Australian Prudential Regulation Authority when it detects breaches on the part of superannuation funds.
While recovery momentum helped bolster account balances in August, the second half of 2020 will be dependent on COVID-19 infection rates and the gradual easing of restrictions across the country, according to SuperRatings.
Strong listed share market returns were the main drivers of growth fund performance during August with Australian shares returning 3% and international shares returning 5.8% in hedged terms, according to Chant West.
Setting targets to reduce carbon emissions in superannuation fund portfolios will send a message to companies they are invested in to set targets themselves to help transition to a low carbon economy, according to First State Super.
The new framework from Amundi and Asian Infrastructure Investment Bank will be used to assess climate change risks and opportunities in line with three objectives of the Paris Agreement at the issuer level.
The Australian Prudential Regulation Authority has canvassed the likelihood that some already struggling superannuation funds may be forced out of the sector by the difficulties associated with the prolonged COVID-19 pandemic.
Stalling the superannuation guarantee increase will cost Australians $14.1 billion every year with the average Australian taking a $1,30 annual hit to their retirement savings, according to the Australian Council of Trade Unions.