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”.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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