Banks will struggle to profit from super: Sunsuper CEOBY JAMES FERNYHOUGH | WEDNESDAY, 23 JUL 2014 12:40PMBanks are going to find it increasingly difficult to make money out of superannuation as the downward pressure on fees continues, according to Sunsuper chief executive Scott Hartley. Related News |
Editor's Choice
AustralianSuper bears brunt of complaints: AFCA
AustralianSuper copped the highest number of complaints in the last six months of 2023 totalling 936, which was nearly three times more than other major super funds like Cbus, Australian Retirement Trust (ART), and Aware Super.
GST rebate changes worsens cost of advice: SMSFA
Abolishing the rebate for the GST component of adviser fees from July 1 can aggravate the cost of financial advice, according to the SMSF Association (SMSFA).
CSLR makes inaugural payments
The Compensation Scheme of Last Resort (CSLR) made its first payments to four victims totalling more than $360,000, three of which related to bad financial advice.
Brighter Super awards custody mandate
Brighter Super has appointed a new custodian, severing its ties with NAB Asset Servicing.
Further Reading
Sponsored by | Know the facts about lifetime annuitiesSaving for a happy retirement is Australia's #1 financial goal. Learn how LifeIncome can deliver more income, certainty, & choice. |
Products
Featured Profile
Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
Scott is probably right, but I'm not too sure the banks actually care whether they make money out of super...in fact, I am pretty sure they are prepared to lose money to win a customer who they can cross-sell other profitable products to.