Onepath Custodians News Today

Vanguard has endorsed the current performance test methodology in a submission to Treasury, championing its effectiveness in eliminating underperforming investment options and improving member outcomes.

The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members.

Of the 97 products to fail this years superannuation performance test, 96 are trustee-directed products - 75% of which are issued by the same four trustees.

Australian Prudential Regulation Authority said only one default super fund failed its third annual performance test, but over 90 participant-chosen options fell short.

OnePath Custodians has been fined $1.46 million for failing to direct 125 member contributions to a MySuper product.

Insignia Financial and OnePath Custodians will pay $1.5 million for failing to direct member contributions to a MySuper product.

Future Fund chief warns of economic headwinds ahead; ASX slips; Japanese giant Kirin in $1.9b bid for Blackmores, shares surged 21.5 per cent at open. Follow more Alpha Live Summit updates here.

ANZ has agreed to pay $42 million to settle a class action regarding consumer credit insurance (CCI) products.

The prudential regulator has placed additional conditions on Insignia Financials super trustees over governance and risk management issues, including delaying the transfer member benefits to other funds.

ASIC has commenced civil penalty proceedings against Mercer Financial Advice for allegedly making false or misleading representations to its customers about fees charged and services that were not provided.