Sun, 4th Aug 2024

In this week's superannuation news wrap-up, Paige Estritori from Financial Services Online discusses significant strides towards consumer protection in Australia's superannuation sector. The Financial Services Council has introduced FSC Standard No 29, aimed at safeguarding $3.5 trillion in retirement savings. Major industry players have already begun implementing this new, currently voluntary standard, which includes multifactor authentication and anti-fraud measures. Meanwhile, new financial reporting requirements mean super funds have a three-month deadline following the financial year-end to submit audited reports. The goal is increased transparency and accountability in the sector, in line with global financial governance trends. Visit financialservicesonline.com.au for more information.