The Financial Services Council (FSC) has welcomed the Senate’s passage of superannuation bills which will reduce fees charged on low balance MySuper accounts and will ban exit fees and consolidate inactive accounts.
At the same time, the Council said it remained concerned about for insurance in super because of the retrospective nature of this bill and the compressed timeframes for communications to members about the changes.
FSC’s chief executive, Sally Loane, said that the superannuation reform needed to be continued, in particular in the area of decoupling of default superannuation with the industrial relations systems.
“We are happy to see the member outcomes 1 legislation finally progress to the Lower House but we are very concerned late amendments to the bill will potentially lead more politicization of super, in that the minister of the day will have more power than the regulator, APRA, in determining how fund performance is assessed,” she said.
“Australian must retain the right to choose a superannuation fund that best meets their needs, without political overlays. A rushed, poorly criticised approach to superannuation will not serve consumers well and it doesn’t strengthen our world class system.”
The bills included:
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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