Posts tagged legal
On Superannuation Guarantee

Australia’s superannuation guarantee policy is popular, economically prudent, and coming under increasing political scrutiny. It has been very effective in extending coverage of the superannuation system beyond the public sector and senior management of large companies to most working Australians.

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The Hayne Super. Recommendations

The Hayne Royal Commission’s superannuation related recommendations are first and foremost focused on promoting changes to the ways in which superannuation trustees deal with conflicts of interest and raising the standard of care which trustees adopt in managing members retirement savings. It is unsurprising that these two themes are often considered to fuse together in the form a fiduciary's best interest duty.

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Productivity Commission Recommendation 14: Not-for-profit for all?

The long-awaited Productivity Commission report on its three-year inquiry into competition and efficiency in superannuation has made a curious finding and recommendation that "because super funds are legally obliged to act in members' best interests, the fees they charge should not exceed cost recovery levels."

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Royal Commission: Are Solutions Harder Than Grasping At A Column Of Smoke?

While the Royal Commission spotlight has focused heavily on the major banks, the non-bank owned mass of the superannuation industry must also adjust to the climate of change with a resolve for improvement.

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Best-Interests Duty Is Not That Complicated

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has thrown some light onto the superannuation sector’s conduct while left alone in the dark with the retirement savings of Australians.

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Take Control To Restore Public Trust In Financial Services

The risks of managing other people's money have been laid bare over the course of the ongoing Royal Commission into Misconduct in the Banking, Superannuation and Financial Services. Taking a closer look at the internal control environment is a sensible place to start rebuilding trust.

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Rebuilding Trust In Financial Services

The path to rebuilding trust with Australians starts now for leaders in the Australian financial services industry. The shift from rhetoric to solutions needs to be swift. In his 2015 book looking back at the global financial crisis title Other People’s Money, Financial Times journalist John Kay quoted American writer Upton Sinclair, to the effect that: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

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Rethinking superannuation data and member engagement

Many super funds are investing heavily in data profiling and predictive analytics solutions which promise to unlock a tidal wave of insights, often geared toward improving “member engagement”. Indeed, the term “actionable insights” has been dropped countless times across the latest financial services conferences. 

But mostly, these analytics solutions are just providing more data — not insights – and it is no wonder.

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Pre 2018-19 Commonwealth Budget - What Might Be In Store For The Superannuation System?

After a busy few years of regulatory change, the 2018-19 Commonwealth budget is shaping up to continue the trend as yet another important policy intersection for the Australian superannuation and pensions system.

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MEDIA RELEASE: “Open Super” An Opportunity For Smart Super Funds

The superannuation industry should prepare for an “open super” regime in the next few years, in light of current moves towards “open data” and “open banking” and the fundamental shift in the balance of power in the information economy, says Jonathan Steffanoni, principal consultant – legal and risk at QMV.

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Data Driven Member Engagement, Member Profiling And The Power Of Persuasive Nudging

I really enjoyed the opportunity to speak at ASFA’s Spotlight on Member Engagement Forum held this week in Sydney. My task was to discuss how trustee approaches to member engagement would be influenced by the rise of

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