Superannuation fund executives said that the 5% marker for members who had totally emptied their accounts was typical across many of the funds dealing with early release.
The latest APRA data confirmed that REST was among the top 10 funds impacted by the early release scheme which on their own accounted $24.2 billion of the total $36.8 billion withdrawn under the arrangements.
The APRA data revealed the most affected funds as being:
AustralianSuper which saw 648,518 members withdraw nearly $5 billion;
Cbus which saw 276,634 members withdraw $2.3 billion;
HESTA which saw 227,020 members withdraw $1.8 billion;
Hostplus which saw 426,015 members withdraw just over $3 billion;
MLC Super which saw 170,565 members withdraw $1.3 billion;
2020 was the year of the Government’s hardship early release superannuation scheme and it was also a year during which the Australian Competition and Consumer Commission recorded a 323% increase in reports of superannuation scams.
QInsure in Queensland Australia and FINEOS Sign Cloud HoA
QInsure in Queensland Australia and FINEOS Sign Cloud HoA
FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that it has executed a Heads of Agreement (HoA) with QInsure, a wholly owned subsidiary of the QSuper Group, one of Australias largest and most respected superannuation funds, which signals the intent to upgrade QInsures FINEOS Claims system to the FINEOS Claims SaaS edition on the FINEOS Platform, powered by AWS. QInsure implemented and went live with FINEOS Claims in September 2019, which successfully delivered member-centric claims outcomes via improved, integrated and automated processes and workflow for claims covering life, Total and Permanent Disability (TPD) and Income Protection. Key highlights of the program included automatic payment calculations and the FINEOS Financial Services Council (FSC) Code of Pra
The corporate regulator has approved a request to extend temporary changes to timing requirements in the banking code by six months The Australian Securities and Investments Commission (ASIC) has appr
“Himino Ryozo has provided analysis of the 97-98 Japanese banking crisis that is clear, concise and compelling. Himino-san examines the causes, consequences and – most importantly – the lessons learnt from a traumatic period in Japanese financial history. He does so with the benefit of a career spent at the forefront of financial policy-making, both in Japan and internationally. It is often said ‘History doesn’t repeat itself, but it often rhymes.’ Many attributes of the Japanese banking crisis have, at their heart, difficult choices, missed opportunities and occasional failings that are in no way unique to Japan. Himino-san’s examination of the Japanese crisis should therefore be valued reading not just for Japanese policymakers, but financial policymakers the world over. Financial crises are all-too-frequent, and extremely costly. This analysis provides useful insights as to how we might do better to reduce and combat the crises of the future.” (Wayne Byres, Chair,