POWERED BY MOMENTUM MEDIA
Industry demands detail of SCT wind-down
Australia’s two major superannuation representative organisations want greater detail from the Government on how it intends to fund the Superannuation Complaints Tribunal (SCT) until it is wound up on 1 July 2020.
Both the Australian Institute of Superannuation Trustees (AIST) and the Association of Superannuation Funds of Australia (ASFA) have used submissions to the Treasury to urge the delivery of greater detail around SCT funding.
The two organisations have sought particular detail around whether additional funding will be provided to the Tribunal to ensure it clears its caseload by the deadline on 1 July 2020.
The SCT executive has been part of a modelling exercise involving the Treasury, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) to determine what is required to help it clear its caseload.
The AIST’s submission to the Treasury noted that the SCT would be wound down and no longer in operation from 1 July 2020.
“AIST queries how this will be managed moving forward and believe that more information should be provided regarding this,” the submission said.
Recommended for you
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
Australia’s second-largest super fund is prioritising impact investing with a $2 billion commitment, targeting assets that deliver a combination of financial, social, and environmental outcomes.
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
