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Super funds suit up for Royal CommissionBY KARREN VERGARA | MONDAY, 6 AUG 2018 9:17AM
The financial services Royal Commission will put Australia's $2.6 trillion superannuation system under the spotlight over the next two weeks and legal experts say a key question is whether conflicts of interest are influencing super funds and letting ordinary working Australians down.
Read more: Australia, Royal Commission, AMP, ASIC, APRA, Cbus, Anthony Asher, AustralianSuper, Jonathan Steffanoni, Luke Hooper, Melbourne, Mills Oakley, Superannuation Industry Act, University of New South Wales
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Victoria Funds Management Corporation has promoted a senior portfolio manager to head of equities, and hired from outside the company to fill the vacant role
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COVID-19 has seen more than half a million Australians lose their jobs and countless businesses shuttered but for SMSF trustee landlords offering rent relief to those facing financial hardship could mean they fail to meet the sole purpose test.
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Liberal MP Tim Wilson has written to APRA chair Wayne Byres urging the regulator to conduct an investigation into vertical integration at industry super funds and related conflicts of interest.
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A corporate superannuation fund has pushed back its date of a planned successor fund transfer to Sunsuper by a year and is prepping members for potential future delays from COVID-19.
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