Tue, 6th Aug 2024

In this week's episode, The Weekly Superannuation News Wrap focuses on the scrutiny the Australian Prudential Regulation Authority (APRA) is facing from the Federal Opposition regarding payments from industry superannuation funds to unions, particularly the CFMEU. APRA defends these transactions, highlighting the importance of prudent expenditure management and emphasizing the existing Superannuation Industry Supervision Act doesn't explicitly prohibit such outflows. The episode also discusses the landmark greenwashing case resulting in Mercer Super getting fined $11.3 million for misrepresenting the sustainability of their investment options. Lastly, Paige Estritori discusses consumer protection in the superannuation sector, detailing the implications of newly launched FSC Standard No 29. This initiative, once adopted across the board, promises to safeguard over $3.5 trillion in retirement savings, with increased anti-fraud policies and maintained flexibility for diverse consumer needs.