RC may signal more corporate super exits

superannuation/Royal-Commission/amp/australia-post/ioof-limited/BT/ASX/

30 January 2019
| By Mike |
image
image
expand image

The future of a number key corporate superannuation mandates will be in the balance on Monday evening when the Government makes public the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Money Management has learned that a number of corporate superannuation funds have asked major consultancies to examine their options in the event that their current providers are named and shamed in the final report of the Commissioner, Kenneth Hayne.

The contingency planning comes against the background of a number of corporate funds last year moving to change providers in the wake of revelations at the Royal Commission, particularly those concerning AMP Limited.

AMP last year lost the corporate superannuation mandates of Australia Post and Anglican National Super, but managed to retain most of its other corporate superannuation business.

Money Management understands that the contingency planning being undertaken by corporate superannuation clients extends beyond AMP clients with those of IOOF Limited, BT and others also contemplating their options.

The Royal Commission’s final report will be made public after the close of trade on the Australian Securities Exchange (ASX) on Monday.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS