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The weakness of product disclosure

  • On 30/01/2020
Last year, Karen Chester, the Australian Securities and Investments Commission (ASIC) Deputy Chair, released a report compiled jointly by ASIC and the Dutch Authority for Financial Markets.  She used the opportunity to challenge the financial markets about whether disclosure on documentation was working efficiently for consumers, stating: “Disclosure can and has backfired in unexpected and […]
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The clock is ticking for Putting Members’ Interest First

  • On 17/01/2020
The Treasury Laws Amendment Putting Members’ Interests First (PMIF) Act 2019 will be coming into effect from 1 April 2020. Two new considerations for trustees resulting from PMIF are whether to adopt the exemption for ‘dangerous occupations’ and the terms for switching on default cover for members who are ineligible when they first join a […]
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Impact of long-term trends on superannuation

  • On 13/12/2019
Today, we released our annual superannuation projections for the next 15 years.  The headline figure is the increase from the current $2.7 trillion to $4.8 trillion.  Even though the number has been discounted to today’s dollars, this is still a 4% compound annual growth rate, and it shows how the superannuation industry is growing to […]
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Interpreting the High Risk Occupation carve out under PMIF

  • On 02/12/2019
Almost immediately following the recent Protecting Your Super (PYS) changes, the Treasury Laws Amendment Putting Members’ Interests First (PMIF) Act 2019 was passed and requires default insurance to be opt-in for members with balances under $6,000 and new members under age 25 from 1 April 2020. Industry research has shown that the PYS opt-in rates […]
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Time for action on Member Outcomes

  • On 18/11/2019
APRA Deputy Chair Helen Rowell’s address to last week’s ASFA conference was one of the most eagerly awaited events at the conference.  In it, and in information papers subsequently released by APRA, APRA has outlined the measures that it will publish in its MySuper heatmap.  APRA also published a sample version of the heatmap and […]
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