The Australian Securities and Investments Commission (ASIC) has identified fund performance and fees as one of the most important themes for super funds’ members during its review of the first round of annual members’ meetings.
The regulator surveyed the superannuation fund’s annual members’ meeting at a mix of industry, retail, corporate and public sector funds
Upon reviewing the meetings and based on the questions asked, ASIC noted the most important themes for super fund members also included cybercrimes, environmental, social and governance considerations (ESG), impact of COVID-19 and the superannuation guarantee.
The regulator advised that annual members’ meetings were an “important opportunity for trustees to engage with their members about key aspects of their fund and improve transparency”.
Based on the findings, it singled out three examples of good practice to enhance member experience which were providing clear information on how to submit questions, sharing Q&A with fund membership and providing a video recording of the meeting.
It detailed:
The findings were based on a surveillance of the inaugural meetings held by trustees for a selection of superannuation funds between October 2020 to March 2021.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.