TWUSuper has confirmed to a key Parliamentary Committee that it has embedded staff at the branch offices of the Transport Workers Union (TWU).
Answering questions on notice from the Senate Economics Legislation Committee, TWU Super acknowledged that it had appointed a Superannuation Services Officer (SSO) to each branch of the TWU “to act as an operational conduit between the branch and TWUSuper”.
It said that this arrangement was subject to a set of conditions including but not limited to:
The TWUSuper answer said that the TWU and its representatives did not need Australian Financial Services licenses to provide the service they were engaged to provide under the arrangement and that the products were issued by TWUSuper, not the TWU.
“…and TWU representatives are not engaged to provide financial product services on behalf of the Trustee,” it said.
Investors have slashed their US equity allocations to the lowest level on record, according to new data from Bank of America.
The message from experts in international trade and economists is that the Australian government should refrain from retaliating with reciprocal tariffs.
The market correction forecast by AMP’s chief economist is in full swing, with three weeks of turbulence culminating in significant losses on Tuesday.
Following a strong risk appetite in January, institutional investors have pulled back in February, with risk-seeking activity dropping to zero amid a decline in equity allocations.
Yet again different rules depending on your relationship to either advice or industry fund