Industry Updates

Mine Super, TWUSUPER bump merger completion to 2025 

Mine Super and TWUSUPER have completed the first phase of their merger, though the completion date has been pushed out to early 2025 “to focus on a smooth transition”. 

Forbes Fava and Finanalyze complete merger

Advice practices Forbes Fava Financial Planning and Finanalyze Financial Planning have successfully completed their merger to become Forbes Fava Saville.  

Link Group rebrands after successful MUFG acquisition

Link Group has rebranded to MUFG Pension & Market Services after its acquisition by Mitsubishi UFJ Trust & Banking Corporation was successfully implemented. 

Aware Super appoints operations GM 

Aware Super has appointed Winnie Huen to the newly created role of general manager strategy and transformation. 

OneVue client data impacted amid Iress GitHub breach

After reporting a breach on its GitHub account, Iress has since discovered that a credential was stolen and used to gain access to Iress’ OneVue production environment.

Equity Trustees to take possession of ANZ’s will bank

Nearly 6000 wills, along with related estate planning documents currently held by ANZ Group, will be transferred to Equity Trustees for management and safekeeping.

FAAA calls for CSLR cost management in budget wishlist

The Financial Advice Association has called on the Federal Government to better manage costs across the Compensation Scheme of Last Resort and implement a fairer ASIC funding levy for advisers ahead of the Tuesday budget.  

Iress to strengthen security protocols after GitHub breach

Iress has advised that on Saturday 11 May 2024 it detected and contained an unauthorised accessing of Iress’ user space on GitHub, a third-party code repository platform which manages software code before it goes live in production on a separate platform.

REST calls for better super treatment for young workers 

Retail workers industry fund REST has urged the Australian Government to remove a rule that prevents most workers under-18 years old from earning any superannuation after research showed that the majority of Australians supported the change. 

CSLR costs spiralling out of control: FAAA

The Financial Advice Association has called on Minister for Financial Services Stephen Jones to take action on the escalating costs of the Compensation Scheme of Last Resort.

Super for house deposit scheme to taxpayers billions: SMC

Allowing young Australians to tap into their super for a house purchase could cost taxpayers billions (even potentially a trillion) of dollars by the end of the century, a new modelling by Super Members Council shows.  

AMP launches private debt option for super members

AMP has launched a debt strategy, which can be accessed by members invested in the MySuper or Future Directions options range.  

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