Sun, 8th Sep 2024

This week's Financial Services Online podcast covered multiple significant events in Australia's superannuation sector. The Australian Prudential Regulation Authority (APRA) faced scrutiny for imposing strict conditions on superannuation funds United Super and the BUSS fund due to corruption allegations. BUSSQ has refuted APRA's authority and cited procedural unfairness, resulting in a legal standoff that led to debates over ministerial intervention in union governance and highlighted issues within the superannuation sector. AMP Limited also critiqued APRA over the perceived inappropriate use of performance tests. APRA announced a plan to tighten scrutiny on superannuation fund expenses to optimize compliance and member outcomes, a move that involves publishing fund-level expense data. Finally, the Australian Taxation Office has proposed guidelines targeting contractors to prevent missed super contributions. These changes could potentially increase operational costs and reconfigure subcontractor agreements.