While super stapling is a natural industry progression and a plus for consumers, the changes will curb some of the benefits smaller industry funds rely on to survive, which could further accelerate merger activity.
In ASIC's largest ever civil action, MLC Nominees and Nulis Nominees have been lumped with a combined $57.5 million worth of penalties after they duped hundreds of thousands of superannuation members into paying for advice that wasn't provided.
The emerging advice gap has reinvigorated industry discussions about the future of advice and the part super fund advisers will play. While intra-fund advice plays an important role in the financial system, the data shows it is no substitute for full service financial advice.
The regulator has confirmed it is aware super funds are sending letters out to licensees asking them to confirm that every member has received the advice they paid for before the fund will release the fees. But ASIC’s blessing came with a warning.
It is a difficult time, but also a time of excitement for mental health advocates, who say Covid-19 is catalysing deep change among business leaders, policymakers and the broader community in how to address mental health.
Because hearing people talk about their personal challenges has been an enormous help to Carden Calder, the communications executive has decided to open up about her own personal situation in the hope it will help others too.
Any industry which cannot work through its infighting to resolve industry challenges is likely to be viewed skeptically. Of course, for superannuation the majority of contributions are mandatory: this should be a sector where self-interest doesn’t exist.