The CEO and Chair of IOOF have stepped aside while they fight court action launched by APRA. APRA wants to disqualify them for “failing to act in the best interests of superannuation members”. IOOF says the allegations are misconceived, and will be vigorously defended. IOOF Managing Director, Christopher Kelaher and […]
APRA wants to disqualify IOOF’s managing director, chairman, CFO and general counsel from working as super fund trustees. The prudential regulator has launched proceedings in the federal court, and issued a show cause notice, to impose additional licence conditions on IOOF. APRA says IOOF failed to act in the best […]
Stockspot released its annual Fat Cat Funds Report analysing the best and worst Australian super funds. The Fat Cat Funds Report gave the gold Fat Cat award to ANZ/OnePath as the worst performer. Unisuper topped the Fit Cat Awards lists as the best. Stockspot, the robo-advice fintech, released its annual […]
Labor’s plans for imputation credits would effectively cut super fund balances by 9%. Those most affected would be retirees who are self-funded and don’t qualify for the pension. The proposal to end cash refunds for excess imputation credits would also likely see super funds cut their holdings in Australian equities. […]
Slater and Gordon is organising a series of class actions against bank-owned super funds for gouging member accounts. The law firm alleges the funds failed to obtain competitive cash interest rates and charged exorbitant fees. The actions follow evidence to the financial services royal commission. Slater and Gordon is today […]
APRA says the royal commission hearings have revealed “serious questions of compliance” by some super fund trustees. The prudential regulator alos says it appears one fund made “untrue” statements. APRA is taking another look at the actions of the Commonwealth Bank’s Colonial First State and IOOF, Australia’s second largest wealth […]
Some members of superannuation funds run by AMP ended up paying more in fees than they got in investment returns, the financial services royal commission was told. Investment fees and administration fees ate up any returns from those super fund members who selected cash as an investment option. An example […]
Colonial First State, the Commonwealth Bank’s wealth arm, broke the law when it failed to switch thousands of members into a low-fee into a MySuper accounts, the financial services royal commission was told. The prudential regulator APRA was informed that Colonial First State hadn’t moved 13,000 default fund members to […]
The credit statements of some trustees/directors of superannuation funds have been gathered by the financial services royal commission. The commission is examining the flow of funds between industry super funds to union and employee organisations. Also in the frame is Industry Super Holdings, a service group owned by a group […]
The financials services royal commission is investigating the conduct of super fund trustees/directors. Counsel assisting the commission says Australians can only “peer dimly through the darkness” at how their retirement savings are managed. “Can they (trustees) be trusted to do the right thing?” asks Michael Hodge, senior counsel assisting the […]
Australia’s superannuation system is under pressure, being criticised in an investigation by the Productivity Commission and facing questioning in the financial services royal commission this week. The Productivity Commission says Australians are being bamboozled by superannuation, losing them billions every year in high fees, low returns and expensive insurance. Structural […]
The financial services royal commission turns its attention from next week to the $2.6 trillion superannuation industry with a focus on fees charged by funds and actual returns to retirement savers. Australians are being bamboozled by superannuation, losing them billions every year in high fees, low returns and expensive insurance, […]
The average growth super fund is excepted to end the financial year in two weeks with a 9% return. This is the ninth year of positive returns. Chant West, a super industry analyst firm, says the better performing funds have been those with higher allocations to listed shares and to […]
But lower than last year.
Snubbing Aussie stocks.