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Showing 1 - 10 of 19 results for "Default Amounts"

NAB MySuper class action settlement approved

JAMIE WILLIAMSON | WEDNESDAY, 14 MAY 2025

... would have been banned in a MySuper option. The action alleged the delay impacted about $6.8 billion in accrued default amounts. In December 2020, the Supreme Court of Victoria ruled the case invalid saying prospective losses are not considered a loss ...

MLC trustees to pay $65m in MySuper class action settlement

JAMIE WILLIAMSON | FRIDAY, 6 DEC 2024

... brought on behalf of MasterKey members in 2020. It was estimated the delay impacted about $6.8 billion in accrued default amounts. The action alleged the trustees breached their duties by delaying the transition of about 330,000 members' accounts ...

UK regulator warns trading apps over gamification

JAMIE WILLIAMSON | TUESDAY, 22 NOV 2022

... products and services. Other game-like features the FCA highlighted as problematic were trader leaderboards and default amounts for investing and leveraging, with the FCA citing research that found people are much more likely to stick to a default.

Former Aon Hewitt adviser banned

ELIZABETH MCARTHUR | TUESDAY, 20 APR 2021

... reforms. This instance was cited as a case study in the Royal Commission. Under the reforms, a member's accrued default amounts of super were to be transferred to a MySuper option by 1 July 2017, unless a member opted out of the transfer. An accrued ...

Class action accuses NAB of super rip-off

ELIZABETH MCARTHUR | WEDNESDAY, 22 JAN 2020

... where a conflict of interest arose. NAB is accused of failing to transition in excess of $6.3 billion of accrued default amounts over to the lower-cost MySuper product in a timely way. "The contraventions at the heart of this case resulted in NAB's default ...

Retail fund faces class action on MySuper

ELIZABETH MCARTHUR | THURSDAY, 17 OCT 2019

... Maurice Blackburn Miranda Nagy said the case will focus on CFS' failure to transition $3.2 billion of accrued default amounts over to the lower-cost, higher-performing MySuper product in a timely way in the best interests of members. "The contraventions ...

Retail super funds reject MySuper delays

KARREN VERGARA | TUESDAY, 4 SEP 2018

... accepts it may have engaged in conduct that fell below community standards and expectations with respect to accrued default amounts (ADA). Colonial First State executive general manager Linda Elkins blamed the limitation of CBA's systems and lack ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA | MONDAY, 27 AUG 2018

... MySuper products. The AMP group was also allowed to make decisions as to the timing of the transfer of accrued default amounts to MySuper products that may ultimately not have been in the best interests of members. Hodge said Suncorp Portfolio Services ...

MLC MySuper investment budget was tight-fisted: Royal Commission

KANIKA SOOD | WEDNESDAY, 8 AUG 2018

... ago, Hodge laid out earlier in the line of the questioning. Delay in ADA transfer The transition from accrued default amounts (ADAs) to MySuper meant a large group was not transitioned until March 2017, and Hodge suggested this as one of the reasons ...

Super FUM up 10pct to $2.3tn

ALEX DUNNIN | THURSDAY, 24 AUG 2017

... than the broad market. Fueling this was retail funds completing MySuper transitions as a result of their Accrued Default Amounts now being fully transferred across into lower cost MySuper products. Within MySuper, lifecycle investments grew even faster ...

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BT appoints new head of strategy

KARREN VERGARA

A former Allianz Retire+ executive has joined BT as the new head of strategy.

ASX sees trade volumes soar in May

MATTHEW WAI

ASX saw a substantial growth in trade volumes last month, despite continued lackluster movement in IPOs.

Otivo launches AI-powered financial advice

MATTHEW WAI

Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Munro expands access to climate focused fund

VINNY VUCAGO

The Munro Global Growth Climate Leaders PIE Fund has been opened to retail investors in New Zealand.

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