On 17 February 2021, the Government introduced and read a first time Treasury Laws Amendment (Your Future, Your Super) Bill 2021 (Bill). The Bill was then referred to the Senate Economics Legislation Committee with a report due on 22 April 2021.
Read MoreThis article shares initial thoughts on what superannuation trustees should be thinking about, and what they might be able to do to best position themselves to navigate the COVID-19 pandemic (and related economic carnage) with compassion, prudence, and a sense of purpose.
Read MoreIn the last decade, the arrival and development of the ‘cloud’ has had a profound impact on the financial services sector, both in Australia and globally. I’m not talking about the cloud Grampa Simpson is yelling at but referring to the term ‘cloud computing’.
Read MoreTrustees need to ‘start their engines’ now to make sure they will be compliant with the design and distribution obligations that will come into effect on 6 April 2021. A project plan needs to be developed now that incorporates product and product governance audits. And that’s before the real work begins!
Read MoreNow is the time for trustees to carry out a holistic review of the processes and controls that govern the product life cycle. The design and distribution obligations that will come into effect on 6 April 2021 complement ASIC’s product intervention powers and ASIC will consult with the industry about them later this year.
Read MoreThe long-awaited Productivity Commission report on its three-year inquiry into competition and efficiency in superannuation has made a curious finding and recommendation that "because super funds are legally obliged to act in members' best interests, the fees they charge should not exceed cost recovery levels."
Read MoreThe path to rebuilding trust with Australians starts now for leaders in the Australian financial services industry. The shift from rhetoric to solutions needs to be swift. In his 2015 book looking back at the global financial crisis title Other People’s Money, Financial Times journalist John Kay quoted American writer Upton Sinclair, to the effect that: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Read MoreThe 2018-19 Commonwealth Budget contains more than meets the eye when it comes to the superannuation and pensions system. Before looking at what was announced, it is worth briefly reflecting on a few anticipated announcements which were not included.
Read MoreThe Australian Financial Complaints Authority will replace the Superannuation Complaints Tribunal; the Financial Ombudsman Service (FOS); and the Credit and Investments Ombudsman (CIO), no later than 1 November 2018.
Read MoreQMV is thrilled to officially open the doors for business in Sydney. We have been flying in and out of Sydney and Brisbane with client work for some time and are experiencing increasing interest in our services. We decided that now was the right time to establish a permanent base up north.
Read MoreMany have speculated that blockchain technology will supersede the inefficiencies of superannuation administration in one glorious rebirth...
Read MoreThere is a risk that conferences are considered as merely an opportunity for networking, selling and socialising. However, the 2016 Association of Superannuation Funds of Australia...
Read MoreI don’t quote him often, but I want to start with a statement made by the late Nobel Laureate Milton Friedman of the Chicago school of economics...
Read MoreThe call centre of a superannuation fund is the best place to hear the biggest misunderstandings the members have about their super. Having spent many years working in member...
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