Thu, 8th Aug 2024

This episode of the Weekly Superannuation News Wrap discusses key events around the management of superannuation funds in Australia. The Federal Opposition criticizes the Australian Prudential Regulation Authority (APRA) over controversial payments from industry superannuation funds to unions. APRA maintains it continually audits these funds, and underlines the crucial role of trustees, while also noting their limited enforcement power under the Superannuation Industry (Supervision) Act. In other news, Mercer Super, a major consulting firm, received an $11.3 million fine for greenwashing its investment options. Initiated by the Australian Securities and Investments Commission, this ruling sends a strong message about the importance of authentic and transparent environmental responsibility policies in financial institutions.