The financial regulator has stepped up scrutiny of the superannuation industry after a co-ordinated attack on some of the country’s largest funds exposed serious cybersecurity weaknesses.
The construction industry superannuation fund says it has reported the attack to the Australian Prudential Regulation Authority and no funds had been transferred out of members’ accounts.
The APRA is set to call time on long-serving,incompetent and conflicted directors under a planned major shake-up of standards at banks,insurers and super funds.
The financial regulator has launched another investigation into embattled superannuation giant Cbus over its expenses bill.
A review into the culture of the construction industry super fund,commissioned in 2015,has finally seen the light,and it says the fund was too closely linked to the disgraced CFMEU.
The corporate regulator is investigating AustralianSuper for taking too long to pay out death benefits to beneficiaries of its deceased members.
The construction sector superannuation fund has avoided a potentially protracted courtroom showdown that would have brought further scrutiny on its failure to promptly process the insurance claims of thousands of members.
Australian super funds’ expenses swelled to almost $13 billion last financial year,including a $500 million splurge on an advertising and sponsorship blitz.
Grieving family members would get faster access to the superannuation of deceased loved ones under mandatory standards the Albanese government plans to introduce if re-elected.
ASIC chair Joe Longo said the probe into allegations ANZ traders manipulated the bond rate was one of the most complex investigations the regulator had undertaken.