Corporate regulator ASIC is targeting underperforming superannuation funds as part of its new corporate plan, saying it was “putting trustees on notice”.
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The biggest issue facing Australia’s superannuation industry is chronic underperformance, according to IFM Investors and Industry Super Australia Chair, the Hon Greg Combet AM.
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The Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones MP, used his presentation at the FSC Summit to focus attention on Australia’s $2.8 trillion superannuation industry and its emerging challenges.
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Insurance industry commentator and former regulator John Trowbridge has called for the retention of sales commissions for life insurance products, saying that the alternative fee for service model does not work in the industry.
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