Thu, 1st Aug 2024

Paige Estritori of Financial Services Online takes listeners through the recent happenings in the superannuation sector. Developments include the introduction of the Financial Service Council's Standard No 29, which promises to enhance consumer safeguards in the industry and potentially protect $3.5 trillion in retirement savings across Australia. Additionally, regulatory changes mandate superannuation funds to deliver audited financial reports within three months post financial year-end, aiming to ensure accountability and transparency. Topics also include Senator Andrew Bragg's critique of "junk insurance" in the superannuation industry, and his call for less dependence on pensions. Ultimately, despite varying views, there was agreement on the need to enhance claim handling speed. Stay tuned for future updates on industry happenings. More on financialservicesonline.com.au.