Fri, 19th Jul 2024

In this edition of Financial Services Online's Weekly Superannuation News Wrap, Paige Estritori discusses two major events in the superannuation world. Firstly, Spirit Super plans to delegate its custodian and fund administration services to J.P. Morgan, following a model set by CareSuper. Following this successful prototype, a significant merger is in the works between Spirit Super and CareSuper, expected to complete by year's end. Secondly, the Australian Prudential Regulation Authority (APRA) is under scrutiny by the Australian Greens, particularly Senator Barbara Pocock, who has requested detailed transparency in APRA's connections between industry superannuation funds and trade unions. This inquiry arises from concerns regarding allegations against CFMMEU claiming the Cbus fund has been compromised. These events highlight a significant week in superannuation and overall financial accountability in Australia.