The superannuation levy will be abolished from 1 July under a new user-pays funding model from the Australian Financial Complaints Authority (AFCA).
In an update, AFCA said the proposals had been approved following extensive consultation with financial services firms.
The organisation said: “The superannuation levy has been abolished and super funds have been brought under the same fee structure as other scheme members- with a positive or neutral impact for most super fund trustees”.
In the proposals earlier this year, AFCA said removing the super levy would mean 82% of members from the superannuation sector would see reduced total annual fees, 25% would only pay the annual registration fee and 18% would see an increase due to higher relative complaint volumes.
AFCA chief executive, David Locke, said: “This is a fair, transparent and equitable funding model. Ultimately, firms have control over the fees they pay by taking a resolution mindset when managing complaints”.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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