Experts deride ‘super for housing’ at their peril
While it might not be enough to win government for the Coalition, the controversial policy allowing first home buyers to draw on super is popular with voters, according to the polls. In the midst of such an emotive debate, critics of the proposal need to make the case for preservation or be willing to accept a more flexible retirement system.
June 07, 2024
Make-up of SMAs will be factor in YFYS capture
The prudential regulator has updated its guidance on whether managed accounts should be included by trustees in the Your Future Your Super performance test, but customisation means in most circumstances the products will be excluded.
June 07, 2024
NZ Super appoints acting CIO
The Guardians of Kiwi sovereign fund NZ Super has appointed Alex Bacchus as acting chief investment officer amid Stephen Gilmore’s departure to Calpers.
June 07, 2024
Insignia CEO ups ante on DBFO fee deduction rules
Insignia Financial CEO Scott Hartley has personally intervened in the Quality of Advice Review reform process to call for explicit amendments to the fee deduction rules proposed by the government in its Delivering Better Financial Outcomes bill. The government quiet made changes to the bill’s explanatory memorandum last week, but critics are unappeased, arguing the law would still counterproductively push up the cost of advice.
June 06, 2024
Opposition on the offensive over regulatory-driven advice costs
The Opposition has ramped-up attacks on the government for its failure to tackle the spiralling cost of advice. Shadow Minister for Financial Services Luke Howarth has taken aim at measures in the budget that have been earmarked to be funded by cost recovery by the regulators, along with changes to Reduced Input Tax Credit arrangements for advice fees.
June 06, 2024
HESTA appoints general manager of strategic planning
Health industry fund HESTA has appointed Alissa Knight to the newly created role of general manager strategic planning, effective from 11 June.
June 06, 2024
Preservation’s days numbered as Canberra spars over super honeypot
While the odds still favour a Labor victory at the next election, the Coalition’s desire to tap into the superannuation honey pot as part of its election policies is now very clear. The prospect of politics one day overriding the lofty ideals of the Objective of Superannuation legislation to preserve super fund savings until retirement now looks increasingly likely – if not in the short-term but sometime down the track.
June 05, 2024
Court finds Active Super made misleading claims over ESG and Russian investments
The Federal Court found that Active Super has made misleading claims about ESG and Russian investments in its website, reports and disclosure documents, in a case brought forward by ASIC amid the regulator’s increasing focus on greenwashing.
June 05, 2024
Sequoia chief executive survives attempted ouster
Sharesholders of ASX-listed licensee Sequoia Financial Group have voted for chief executive Garry Crole and director Kevin Pattison to stay in the firm, following attempts to replace the duo with Peter Brook and Brent Jones.
June 05, 2024
ASIC issues DDO stop order against Australian Unity
ASIC has made an interim stop order preventing Australian Unity from distributing the Select Income Fund (SIF) to retail clients.
June 05, 2024
Equity Trustees hit with APRA fine over data reporting failure
APRA has fined Equity Trustees $782,500 for failing to meet its legal obligations to report data to the regulator.
June 05, 2024
