News

ASIC suggests super funds lift game on insurance, before regulator gets new powers

ASIC has suggested that super funds put more effort in to improving insurance in super, pointing out that changes next year could give the regulator the power to enforce the Insurance in Superannuation Voluntary Code of Practice. The Code was announced by a group of industry bodies, at a time… Read More »ASIC suggests super funds lift game on insurance, before regulator gets new powers

Super fund and women’s legal service working for simpler super splitting

Industry super fund HESTA and the Women’s Legal Service Victoria are working together to get the process for splitting super assets simplified, with the aim of more women claiming their fair share of superannuation. HESTA CEO Debby Blakey said the current process for dividing superannuation assets in the family law… Read More »Super fund and women’s legal service working for simpler super splitting

Early super access scheme punished with $220,000 penalty, ban from setting up SMSFs

Running an illegal early access to superannuation scheme has led to financial penalties and a ban from setting up SMSFs. The Federal Court has handed down a $220,000 penalty to someone running an illegal early access to super scheme. They were also banned from setting up an SMSF, rolling money… Read More »Early super access scheme punished with $220,000 penalty, ban from setting up SMSFs

APRA MySuper heatmap released, retail fund-linked groups warn about usage

APRA has released its first superannuation performance heatmap, covering every MySuper product. This new tool has been criticised by parts of the superannuation industry – particularly by those close to retail super funds. APRA said the heatmap provided additional transparency on the outcomes for members being delivered by super fund… Read More »APRA MySuper heatmap released, retail fund-linked groups warn about usage

AMP acknowledges it’s slower to process super insurance claims, after questions

AMP has acknowledged it is slower than the rest of the industry in processing insurance claims in superannuation, after questions were asked by Super Consumers Australia. Xavier O’Halloran, Director of Super Consumers Australia – which is affiliated with CHOICE – wrote an open letter to David Murray, Chair of AMP,… Read More »AMP acknowledges it’s slower to process super insurance claims, after questions

Action so far on Banking Royal Commission “pathetic”: Labor

Labor says the Government’s action so far on implementing the recommendations of the Banking Royal Commission is “pathetic”. Labor Shadow Minster for Financial Services Stephen Jones accused the Government of being more interested in “union busting” than implementing the recommendations of the Banking (Superannuation, and Financial Services) Royal Commission. “308… Read More »Action so far on Banking Royal Commission “pathetic”: Labor

Major Simple Fund 360 release brings Accounting Workpapers and Property Dashboard

BGL has announced a “further major release” of Simple Fund 360, including Accounting Workpapers and Property Dashboard features, and bringing the Engage app to Android phones. BGL Managing Director Ron Lesh said the development teams had been “hard at work over the past few months”, with the latest Simple Fund… Read More »Major Simple Fund 360 release brings Accounting Workpapers and Property Dashboard