Fri, 6th Sep 2024

In this week's Weekly Superannuation News Wrap, Paige Estritori discusses key topics including governance issues within the superannuation sector and a tightening regulatory landscape. Two major funds, United Super and BUSS Queensland, face scrutiny due to concerns over fund management. Meanwhile, superannuation heavyweight AMP Limited calls for revisions to the methodology of recently imposed performance tests. Additionally, the Australian Prudential Regulation Authority (APRA) is ramping up regulation of the super fund industry, focusing on fund expenditures and underperforming products. Trends show the top 5 super funds now account for 47% of total membership, largely due to APRA's initiatives prompting mergers and exits in the sector. Lastly, new draft guidelines from the Australian Taxation Office could extend compulsory super to subcontractors in entertainment and domestic service sectors. Stay tuned for more developments in superannuation news.n