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SCA drags AMP over claim delays

ALLY SELBY  |  TUESDAY, 10 DEC 2019
... AMP, on the other hand, took an average of 5.7 months to finalise death claims, well above the industry standard. But that's not all; AMP also proved to be slower than its competitors when it comes to Total and Permanent Disability claims, taking an ...

Industry fund members targeted

ELIZABETH MCARTHUR  |  TUESDAY, 10 DEC 2019
... to roll over their super. Financial Standard understands the calls are targeting those working in the transport industry, not just TWUSUPER members and there is no implication of a data breach. The fund wrote to members: "These salespeople are employing ...

ATO issue SMSF scam warning

ELIZABETH MCARTHUR  |  TUESDAY, 10 DEC 2019
... setting up an SMSF. Recently, the ATO brought a case against a woman for her role promoting such a scheme. The woman was a not a financial adviser or tax agent, but assisted 68 people in establishing 35 separate SMSFs. She charged those clients fees ...

IOOF, ANZ transaction gets green light

ELIZA BAVIN  |  TUESDAY, 10 DEC 2019
APRA has approved IOOF's application to purchase ANZ's superannuation business. The decision to allow the purchase of OnePath Custodians and Oasis Funds Management comes from APRA after it was granted the legislative power to approve or refuse an application ...

Culture index launched

ELIZA BAVIN  |  TUESDAY, 10 DEC 2019
... Vohra said. "Until now, organisational culture has largely been viewed as an internal metric, typified by highly bespoke and not always relevant measures. We have standardized protocols for reporting financial results; it is now time for this same rigor ...

Chief economist update: Eurozone negative rates a failure?

BENJAMIN ONG  |  TUESDAY, 10 DEC 2019
"Give me a one-handed economist. All my economists say 'on one hand...', then 'but on the other..." - Harry Truman The AFR recently published an opinion piece from Kate Samranvedhya - a Bachelor of Science in Economics graduate from Massachusetts ...

MySuper heat map lauds industry funds

HARRISON WORLEY  |  TUESDAY, 10 DEC 2019
... $10,000 account each year. Rainmaker head of superannuation research Jason Ross told Financial Standard that despite its flaws - not including the cost of default insurance for example - the heat map was serving its purpose for the regulator by benchmarking ...

APRA releases MySuper heat map

HARRISON WORLEY  |  TUESDAY, 10 DEC 2019
... Council chief executive Sally Loane said it should be understood that the heat map was a snapshot of a point in time, and not the whole story when it came to fund performance. "It is really important to understand that the heat maps are a point in time ...

BT Super announces new admin fees

ELIZABETH MCARTHUR  |  MONDAY, 9 DEC 2019
... 2020 MySuper customers will receive a 10 basis point rebate. BT warned that the soon to be published APRA "heat maps" will not reflect the new administration fees. "We strongly support measures to increase transparency for customers however, and we anticipate ...

Aussies unprepared for wealth transfer

ALLY SELBY  |  MONDAY, 9 DEC 2019
Despite the largest intergenerational wealth transfer to date looming, more than half of Australians do not have an estate plan in place. New research from Perpetual shows 56% of Australians do not have a will in place, with 53% of parents admitting ...