Sat, 1st Feb 2025

What this episode covers

In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses the recent actions of the Australian Securities and Investments Commission (ASIC) against risky superannuation practices, a rise in complaints towards super fund services, and measures to keep service providers accountable as more Australians access their superannuation. Changes to service standards, efforts to combat financial scams, and a potential shift in primary regulatory responsibilities from the Australian Competition and Consumer Commission (ACCC) to ASIC are also noted. The proposed shift aligns with the Association of Superannuation Funds of Australia's (ASFA) push for ASIC to use its sector expertise for greater consumer protection in Australia's superannuation sector. This is a crucial part of Australia's financial landscape, and changes could result in increased accountability and protection for consumers.

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