... less. In his 2019 Final Report: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Final Report), Commissioner Kenneth Hayne recommended that the BEAR be extended to APRA-regulated institutions. After consulting ... Read more

... about this significant and growing portion of the Australian workforce for at least 5 years, the wider superannuation industry remains heavily focused on forced super contributions and has failed to make meaningful progress on addressing this growing ... Read more

... conversation this profile resulted from, and is happy to chat about client acquisition channels - a taboo subject among industry fund executives. He is also not fussed about the government's proposed [at the time of print] plans to staple members to ... Read more

... funds in the sample that translated net member benefit in dollars over certain periods and how they stack against an industry average. This could be something meaningful and easily understandable by members. Keep in mind that most of this analysis did ... Read more

... disability insurance are important benefits offered by superannuation funds to Australians. Under the Superannuation Industry (Supervision) Act 1993 (SIS Act), all members in MySuper (default) products must have death and permanent incapacity benefits ... Read more

... prospective membership. However, the degree of sophistication can vary significantly, and it would be fair to position the industry at a point where there is more intent and desire than true delivery in this space. Many funds have found themselves unable ... Read more

... existing collective funds, you need to find and acquire them amongst the very long tail of small and unprofitable customers. Industry product margins are just not that high. The days of 2-3% MERs are long gone on new business. There are legacy products ... Read more

... financial interest of members. Schedule 3-Best financial interests duty The proposed amendments to the Superannuation Industry (Supervision) Act 1993 (SIS Act) contained in Schedule 3 of the Bill will place a duty on trustees to actively consider all ... Read more

... insurance underwriters becoming extinct. He believes traditional underwriting roles will continue to exist as changes the industry is undergoing tend to be more cyclical rather than structural. "The underwriter's role will continue to evolve. The development ... Read more

... what they do. This might seem like a subtle difference, but in my experience is an important one. Too much of what the industry does currently is provide education, while too little is designed to help consumers make a decision. They are related concepts ... Read more