Industry fund advertising in APRA’s sights By Sarah Kendell 19 May 2021
The prudential regulator has confirmed it’s conducting an investigation into how super funds justify promotional spending as being in member best interests, following sharp criticism from Liberal backbenchers around industry fund advertising and media deals.
Addressing the Conference of Major Superannuation Funds on Wednesday, APRA deputy chair Helen Rowell said the prudential regulator was currently conducting a review of trustee promotional spending and how this was contributing to member outcomes.
“It is important that regulators continue to ensure the multi-trillion-dollar pool of super money is being invested appropriately, in ways that advance the best interests of members, and hold trustees to account to ensure they are doing so,” Ms Rowell said.
Labor moves to block super reforms By Sarah Kendell 19 May 2021
The opposition’s financial services spokesman has indicated Labor will join with crossbench senators to block passage of the government’s Your Future, Your Super reforms in their current form.
Addressing the Conference of Major Superannuation Funds on Wednesday, shadow assistant treasurer Stephen Jones said the reforms – due to be debated when parliament resumes – were “deeply flawed” despite recent clarifications made by the government in the supporting regulations, and that he did not “expect an easy Passage for the bill”.
“Stapling provisions in the legislation could see 3 million workers defaulted into underperforming funds, and the directions power gives the Treasurer the extraordinary power to cancel any super investment,” Mr Jones said.
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Employer representatives on industry superannuation fund trustee boards should speak up to help blunt the campaign being run by some Government backbenchers around allowing people to use superannuation to help fund a first home deposit.
Former union official and Industry Funds Services stalwart, Garry Weaven suggested to the Conference of Major Superannuation Funds (CMSF) in Adelaide that it would be much harder for the likes of Victorian Liberal back-bencher, Tim Wilson and NSW Liberal Senator, Andrew Bragg, to prosecute their push against superannuation if employer trustees bothered to speak up.
His comments came as ACTU secretary, Sally McManus told the CMSF conference that the superannuation industry needed to get on the front foot with respect to the superannuation debate.