mysuper

Superannuation

No feedback to be given for YFYS performance test

The Your Future, Your Super performance test will only disclose to superannuation funds whether they had passed or failed and would not give any value indications. ...

Superannuation

MySuper performance test results date released

The corporate watchdog will be checking communications from responsible superannuation entities to beneficiaries of MySuper funds that fail the Your Future, Your Super pe...

Superannuation

Super fund offers made to employers as default fund allowed

The prohibition of hawking superannuation funds only applies to offers made to retail clients, according to the corporate regulator....

Superannuation

Super funds deliver 20% in FY2021

Superannuation funds have delivered its strongest performance in the nearly 30 years since compulsory super began, according to an association....

Policy & Regulation

ASIC bans former Aus Unity AR over MySuper opt-outs

The corporate regulator has banned another former authorised representative for misleading clients about MySuper opt-outs....

Superannuation

Adviser identifies dodgy super fund outcomes assessments

At the same time as the Government looks to put a regulatory framework around the Australian Prudential Regulation Authority super performance tests, a financial adviser ...

Superannuation

Wilson's probing questions confirm super negativity

Questions posed via a Parliamentary Committee may have been aimed at extracting expenditure information from major superannuation funds but they have confirmed just how d...

Superannuation

Treasury points to 21 MySuper under-performers.

Some 21 MySuper products currently on offer in the market and holding over $100 billion in funds are under-performers and their members simply don’t realise it, according...

Financial planning

Former Aon Hewitt adviser banned for four years

Andrew Hills has been banned by the corporate regulator for allowing misleading and inaccurate letters about MySuper opt-outs to Aon Master Trust members....

Superannuation

YFYS does not address retail super funds’ underperformance

The superannuation fund performance test needs to test every super product, not just MySuper products, to avoid underperforming funds escape scrutiny, according to a supe...

Financial planning

Make ongoing advice as affordable as a mobile phone

The rules around intra-fund financial advice must be significantly tightened and ongoing financial advice support fees must become as low cost as a mobile phone plan, acc...

Superannuation

APRA’s MySuper heatmap drives 11 funds to exit

While the superannuation system is working and performing well, there are high cost, scale, and sustainability issues, according to Helen Rowell. ...

Financial planning

Asgard draws line on one-off MySuper advice fees

Financial advisers have expressed consternation that Asgard has signaled that it will be turning off one-off adviser fees on MySuper accounts. ...

Financial planning

Govt delivers some simplicity around annual fee disclosure

The Federal Government has made at least some concessions to financial advisers with new legislation at least simplifying some elements of fee disclosure while making cle...

Policy & Regulation

ASIC reaches into super trying to couple DDO with member outcomes

Superannuation funds are being subjected to more scrutiny from the corporate regulator over how they deliver insurance inside super to members at the same time as the reg...