Industry Updates

AMP appoints two non-executive directors to board

AMP has appointed Kathleen Bailey-Lord and Anna Leibel as independent non-executive directors to the board.

December 04, 2023

Shadow of Hayne guides Jones’ QAR response

Minister for Financial Services Stephen Jones has used his tenure to lead red tape reduction for the advice profession but has told an audience in Canberra the findings of the Hayne royal commission have laid the groundwork for these reforms.

December 01, 2023

Morningstar hit with $30k fine over greenwashing

Morningstar will pay $29,820 to comply with a pair of infringement notices after self-reporting to the corporate regulator it was exposed to “controversial weapons investments” in its international shares fund.

December 01, 2023

‘We will push back’: Consumer group ups ante against QAR

Rosie Thomas, the newly appointed spokesperson for consumer advocacy group Choice, says critics of the Quality of Advice Review will not entertain efforts to weaken professional standards, warning that “people’s life savings” are at risk. As the government comes under pressure to speed up its implementation of the reforms, AFCA and ASIC say they are doing their bit in the interim to boost access to advice.

November 30, 2023

Iress claims improved client sentiment and reduced costs amid restructuring

Selling off underperforming and non-essential parts of its business, along with staff cuts, has seen Iress revise its earnings. A 4 per cent drop in staff numbers has seen revenue per employee increase 30 per cent year on year from $272,000 to $356,000.

November 30, 2023

Drawdown knowledge gap exists among retirees: Survey

A study has found that among retirees who drew down their super at the minimum legislated rate last financial year, 19 per cent thought the number was a government recommendation, highlighting a gap in understanding about the requirements among the public.

November 30, 2023

Questions remain unanswered as funds step into financial advice space

The Quality of Advice Review reforms will mean super funds take more responsibility over giving financial advice to Australians. While anxiety over this extended obligation has been well noted, how these services are rolled out will be a key differentiator for the funds that are prepared for the challenge.

November 29, 2023

OnePath penalised $5m for fees for no service

The Federal Court has ordered superannuation trustee OnePath Custodians to pay a $5 million penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.

November 29, 2023

Good service costs money: Industry pushes back on Choice fee criticism

The prudential regulator has taken aim at the fees for Choice products, but with platform products producing better customer satisfaction than many scaled-up industry funds, reducing fees to cut costs shouldn’t automatically be assumed to be in the best interest of members.

November 29, 2023

Allianz Retire+ released updates to longevity solution AGILE

Allianz Retire+ has updated its longevity solution Allianz Guaranteed Income for Life (AGILE), introducing two new options, Age Pension+ and Spouse Insured.

November 29, 2023

Inflation erodes Australians’ retirement confidence: MFS survey

More than half (59 per cent) of Australians said inflation has changed the way they think about retirement in the past 12 months, with 54 per cent opting for a more conservative investment approach, according to the 2023 MFS Global Defined Contribution Survey.

November 29, 2023

Over half of Australians unsure of their retirement options: Research

Close to two in three Australian non-retirees don’t know about existing retirement income products offered by their super funds, according to new research by Investment Trends and life insurer TAL.

November 29, 2023