In this podcast episode, Paige Estritori discusses recent updates in the Australian superannuation sector for Financial Services Online. To start, Fortitude Investment Partners has acquired a majority stake in ASF Audits, Australia's leading independent SMSF audit firm, with a goal to diversify and enhance services, and promote growth through strategic acquisitions. The Australian Securities and Investments Commission (ASIC) report, REP 806, reveals concerning practices of deducting insurance premiums and advice fees from deceased members' accounts, prompting industry reform. ASIC also highlights that major provider AustralianSuper, has been delaying death benefit claims processing, affecting numerous grieving families. In response, AustralianSuper has addressed its processing internally and invested in a new bereavement centre, demonstrating the industry's need for high customer service standards and compliance.n

In this weekly recap of Australian Superannuation news, Financial Services Online discusses the Australian Securities and Investments Commission (ASIC)'s concern over certain Super Funds deducting insurance premiums and advice fees from deceased members' accounts, leading to calls for improved claims processing. The Association of Superannuation Funds of Australia (ASFA) pledged to enhance claim processes to minimize future complaints. Also highlighted was ASIC's legal action against AustralianSuper for delayed death benefit claims processing, allegedly breaching the Corporations Act, affecting almost 7000 bereaved families. The potential impacts of genetic testing on superannuation insurance were discussed, with ASFA supporting a ban on adverse genetic testing use in life insurance. We also discussed member support for proposed reforms in the Rest Superannuation Fund, and AustralianSuper's divestment from WiseTech due to governance concerns.

In this week's Superannuation News Wrap, host Paige Estritori discusses the latest developments in Australia's superannuation industry. Critical issues covered include the Australian Securities and Investments Commission charging AustralianSuper, one of the country's largest superannuation funds, for delays in processing death benefit claims. In other news, AustralianSuper has divested its $580 million stake in WiseTech due to governance concerns. Rest, another major superannuation fund, enjoys substantial support for proposed reforms aimed at increasing system fairness and sustainability. Emerging topics also include the impact of genetic testing on superannuation insurance, with minor financial effects expected despite rising use. Lastly, Active Super was fined $10.5 million over misleading ESG claims, highlighting market worries about 'greenwashing'.

In this episode of Financial Services Online's Weekly Superannuation News Wrap, Paige Estritori discusses the minimal impact of genetic testing on superannuation policies, despite rising concern. Key changes and supportive moves proposed in the 2025-26 budget are unpacking for a more equitable superannuation system. Another leading topic is AustralianSuper's 580-million-dollar divestment from WiseTech due to governance issues amid speculation over its future actions. Lastly, the program touches on greenwashing concerns, highlighted by Active Super's 10.5 million dollar penalty for false ESG claims, and emphasizes the need for absolute transparency in ESG investments. The episode wraps up, reminding listeners to stay informed with the evolving superannuation landscape. Visit financialservicesonline.com.au to delve deeper.

In this Weekly Superannuation News Wrap, Paige Estritori covers key updates about the Australian Superannuation Industry. Topics range from genetic testing's influence on insurance policies and potential market distortions, to Rest members' strong backing of proposed reforms designed for better retirement outcomes and worker eligibility enhancements. In other news, AustralianSuper divests its $580 million stake in WiseTech due to concerns about corporate governance, indicating possible future reinvestment if governance issues are resolved. Lastly, the podcast addresses the issue of "greenwashing", following Active Super's $10.5 million penalty for misrepresenting environmentally friendly practices. These events underline the necessity of transparency and accurate sustainable investment in the industry. Stay informed with the latest updates at financialservicesonline.com.au.

In this episode of the Weekly Superannuation News Wrap, we discuss critical developments in Australia's superannuation industry. We examine the relatively minor impact of genetic testing on superannuation insurance policies, despite growing concern. Next, we cover Rest Super's proposed reforms for the 2025-26 Budget, which have received significant support for their potential to contribute to fairer retirement outcomes. We also detail AustralianSuper's divestment from WiseTech due to governance issues, a move that surprisingly hasn't disrupted the company's market standing. Furthermore, we report on Active Super's $10.5 million fine for misleading ESG claims, an event signalling the urgency for transparency in sustainable investment reports. Tune in for these updates and more!

In this edition of the Weekly Superannuation News Wrap, Paige Estritori discusses recent reports and reforms shaping Australia's superannuation sector. She discusses a report on the limited impact of genetic testing on insurance policies and talks about proposed legislation banning the adverse use of genetic test results in life insurance. Paige also covers upcoming reforms supported by key player Rest, which are designed to boost fairness and sustainability in superannuation. Further news includes the divestment of AustralianSuper from WiseTech due to governance concerns, and a $10.5 million penalty handed to Active Super for misleading 'greenwashing', reflecting the global push for ESG disclosure transparency and the importance of accurate marketing.

This podcast summary discusses the latest on superannuation in Australia, covering topics from genetic testing's impact on insurance policies to the backing of pre-budget superannuation reforms by Rest's members. The potential influence of genetic testing is highlighted, which could potentially affect up to 9 million individuals, despite insurers and associations advocating for a ban on its negative use. Also noted is Rest customers' support for proposed reforms including protections for family violence victims and adjustments for Low Income Super Tax Offset. Meanwhile, AustralianSuper divested from WiseTech due to governance concerns, indicating future investments to depend on improved standards. Lastly, the Federal Court has fined Active Super for deceptive ESG claims, stressing the importance of accurate reporting and zero tolerance towards 'greenwashing'.n

This week's Superannuation News Wrap highlights significant fines imposed on Active Super and Mercer Superannuation by the Federal Court for misleading environmental claims, as concerns about 'greenwashing' rise. The Australian Securities and Investments Commission (ASIC) emphasizes the need for truth in green investment actions. Superannuation funds are seeking an extension of the breach reporting time up to 60 days, due to difficulties in handling breaches and offering adequate compensation. As the Federal budget approaches, a survey indicates concerns over changes to Superannuation and aged care. Despite these concerns, 96% of advisors are not planning immediate changes in asset allocation. Furthermore, a Mercer report suggests potential issues with insurance in Australian Superannuation, with only 50% of members being covered and sustainability under threat due to legislation. Market domination by few insurers is also identified as a challenge for diversification.

In this week's Weekly Superannuation News Wrap, Paige Estritori discusses key industry updates. Australia's Active Super was fined $10.5 million for misrepresenting its environmental credentials, marking ASIC's third successful greenwashing case. This highlighted the importance of genuine environmental responsibility for businesses as green investment trends surge. Viridian Advisory's pre-budget survey indicated ongoing concerns over superannuation, aged care, and cost of living pressures. Despite these fears and market volatility, 96% of advisers plan no immediate changes to asset allocation after the Budget announcement. Superannuation funds have proposed extending the breach reporting period from 30 to 60 days to ASIC via ASFA. The insurance landscape within superannuation also faces challenges with only half of Super members being insured and the sector's sustainability under pressure due to legislative changes and a market dominated by three insurers. Visit financialservicesonline.com.au for further info.n