Industry funds have been warned against resting on their laurels just because they emerged largely unscathed from the Royal Commission.
The chief executive of Australian Super, Ian Silk told the opening plenary of the Conference of Major Superannuation Funds (CMSF) on the Gold Coast that there was no room for “triumphalism” just because not profit to member funds had been referred to the regulators by the Royal Commissioner, Kenneth Hayne.
“The fact that industry funds emerged largely uncriticised is no cause for triumphalism,” he said. “The fact that not found to have done anything significantly wrong should be the minimum standard,” he said.
“There is no place for complacency or hubris. The retail sector may regroup albeit that their business model makes that a challenge,” Silk said.
The AustralianSuper chief executive also asked profit to member superannuation funds to question whether they were doing the best for their members in terms of services and returns to members.
“Are we capable of providing the new services and products, including retirement products that members will need,” he asked.
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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