Mon, 15th Jul 2024

In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses grave concerns about organized crime groups targeting super funds, according to a recent AUSTRAC assessment. Efforts are needed to curb this fraud largely associated with cybercrime and compromised personal information. Additionally, the fiscal year 2023-24 has seen a surge in regulatory costs within the financial industry due to increased compliance measures. Moreover, Super Consumers Australia reports that financial abuse within super funds is a growing issue that requires comprehensive changes. On a positive note, super funds receive praise for continuous improvements in their pension and retirement services, contributing to high member satisfaction. Despite this, it is crucial to maintain and enhance these services to keep members satisfied. For more on superannuation news, visit Financial Services Online.