Sun, 31st Mar 2024

This week's Superannuation News Wrap discusses major superannuation industry changes in Australia. Paige Estritori delves into the Financial Services Council's advocacy for streamlined financial advice costs. By reducing compliance costs, it is hoped to increase accessibility of crucial advice. The Australian Prudential Regulation Authority is preparing for a shift in the industry, as superannuation funds are set to overshadow the banking sector. These funds also face new stress tests for potential economic disruptions and increased supervision to handle climate-related risks. Meanwhile, high-net-worth women are proving themselves in the investment arena, challenging outdated stereotypes. Innovatively, Meezan Wealth Management presents the first Sharia-compliant self-managed super fund, Al-Mustaqbal Islamic SMSF, broadening opportunities for Australian Muslims. Lastly, the Treasury has released draft regulations to refine the proposed $3 million superannuation tax cap, which could bring significant changes to superannuation fund management.n