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Consumer group slams super self-assessmentsBY ELIZABETH MCARTHUR | MONDAY, 30 AUG 2021 12:20PM
Super Consumers Australia has slammed super funds' member outcomes assessments (MOAs), finding several funds claiming to be acting in members' best interests even when fees are high and performance is lacklustre.Read more: Super Consumers Australia, AvSuper, Maritime Super, APRA, Mercer, MOA, Toyota Super, Suncorp, TWUSUPER, Catholic Super, Commonwealth Bank Group Super, Mine Super, MLC, Local Government Super, AMG, BT, Christian Super, Colonial First State, EISS Super, Equipsuper, Hostplus, LGIAsuper, LUCRF Super, MySuper, Qantas Super, Xavier O'Halloran
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Australian super funds growing their in-house asset management teams is having a positive impact on gender equality in investment management, with more women wanting to work with profit-to-member funds than other funds management firms.
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AvSuper today advised it has invited a select number of super funds to discuss a potential merger, having determined it would be in the best interests of members to do so.
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Fresh proposals from the Australian Law Reform Commission aim to simplify several complex areas of financial advice legislation.
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The last sitting day for parliament this year has come and gone without progressing legislation designed to make sure those earning less than $450 a month are paid super.
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