The Australian Institute of Superannuation Trustees (AIST) plans to work closely with superannuation funds to enhance fraud communications with soon-to-retire members or those switching to the self-managed super fund sector.
The announcement comes as the Australian Crime Commission embarks on a nation-wide mail-out in order to alert super members to the possibility of fraud.
"For many people, this is the first time they have a relatively large amount of money to invest. They are looking for advice and can be vulnerable to fraudsters promising retirement riches," AIST chief executive Fiona Reynolds said.
Reynolds said it was important to remember that Australian Prudential Regulation Authority (APRA) funds were not at risk.
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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