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.
Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum.
Institutional investors have entered November with their largest pre-election equity allocation in two decades, according to new data.
The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update.
Australia is becoming increasingly recognised as an attractive investment opportunity against global counterparts, recent analysis has found.
Yet again different rules depending on your relationship to either advice or industry fund