Search results for: “Industry Fund”
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Industry Super Fund
Industry Super Funds are a type of Superannuation Fund that is run to profit members rather than shareholders. These funds are designed to provide retirement benefits to employees in a particular industry, such as healthcare, retail, or construction. Industry Super Funds are known for their low fees, strong returns, and focus on member interests. The…
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Cyberattacks on Australian Superannuation Funds Prompt Security Concerns and Response
A recent wave of cyberattacks targeting Australian superannuation funds has raised concerns about the security of individual account holders. The National Cyber Crime Coordinator, Michelle McGuinness, confirmed the malicious activities and emphasized the collaborative efforts between government agencies, regulators, and industry stakeholders to address the situation. Financial Statement Analysis and Security Valuation | $195.68 With…
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Super Funds Cyber Attack: Expert’s Tips for Future Protection
A recent cyberattack on major superannuation funds in Australia has raised concerns about the security of members’ retirement savings. Among the funds targeted were Rest, HostPlus, Insignia, Australian Retirement, and AustralianSuper, with AustralianSuper being the most severely impacted. As Australia’s largest superannuation fund, AustralianSuper manages over $365 billion in retirement savings for approximately 3.5 million…
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Super Funds Under Fire: ASIC’s Scathing Review Sparks Overhaul Demands
The Australian Securities and Investment Commission (ASIC) has recently conducted a comprehensive investigation into the handling of death benefit claims by various superannuation funds, revealing concerning practices within the industry. ASIC’s review highlighted significant delays, substandard customer service, and ineffective claims processing, negatively impacting Australians during vulnerable times. Over a two-year period, ASIC scrutinized 10…
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Superannuation Funds Under Scrutiny: ASIC’s Directives to Speed Up Claims
Superannuation Funds Under Scrutiny: ASIC’s Directives to Speed Up Claims A recent investigation by the Australian Securities and Investments Commission (ASIC) has shed light on the challenges faced by superannuation funds in processing death benefit claims swiftly. ASIC’s review of major super fund trustees revealed significant shortcomings in handling claims, leading to undue hardships for…
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Super Funds Under Fire: ASIC’s Death Claims Report Reveals Shocking Truth
Superannuation funds are facing intense scrutiny following a scathing report by the Australian Securities and Investments Commission (ASIC) on their handling of death benefit claims. The report, released recently, uncovered a myriad of issues within the industry, highlighting significant deficiencies in how these claims are managed. ASIC’s Chair, Joe Longo, emphasized the dire consequences resulting…
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How blockchain could impact superannuation fund management
Blockchain technology has been making waves in various industries, revolutionizing the way transactions are conducted and data is stored. One area where blockchain could have a significant impact is in superannuation fund management. Superannuation funds are a crucial part of many people’s retirement savings, and any technology that can improve transparency, security, and efficiency in…
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Australian Super Funds to Expand Overseas Investments in 2025
In 2025, Australian super funds are poised to expand their investments overseas despite recent sell-offs, signaling a shift towards seeking opportunities beyond domestic borders. Research conducted by Chant West suggests that both industry and retail super funds are increasingly looking to diversify their portfolios by allocating more funds to overseas investments, particularly in unlisted asset…
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Superannuation Industry Faces Crisis Meeting Retirement Demands
The superannuation industry is facing a critical juncture as it grapples with the challenges of meeting retirement demands. While establishing a super system for the accumulation phase has been relatively straightforward, the transition to supporting members in retirement poses significant hurdles that the industry is currently ill-prepared to address, according to experts in the field.…
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APRA Cracks Down on Superannuation Fund Expenditure: Transparency Initiative Launched
In a recent speech at the AFR Super & Wealth Summit 2024, APRA Deputy Chair Margaret Cole highlighted the critical role of superannuation in the financial wellbeing of Australia’s economy. With $3.9 trillion in assets under management, the super industry shoulders the responsibility of safeguarding the retirement savings of millions of Australians. However, concerns have…