Industry funds have been warned against resting on their laurels just because they emerged largely unscathed from the Royal Commission.
The chief executive of Australian Super, Ian Silk told the opening plenary of the Conference of Major Superannuation Funds (CMSF) on the Gold Coast that there was no room for “triumphalism” just because not profit to member funds had been referred to the regulators by the Royal Commissioner, Kenneth Hayne.
“The fact that industry funds emerged largely uncriticised is no cause for triumphalism,” he said. “The fact that not found to have done anything significantly wrong should be the minimum standard,” he said.
“There is no place for complacency or hubris. The retail sector may regroup albeit that their business model makes that a challenge,” Silk said.
The AustralianSuper chief executive also asked profit to member superannuation funds to question whether they were doing the best for their members in terms of services and returns to members.
“Are we capable of providing the new services and products, including retirement products that members will need,” he asked.
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.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.