Wed, 5th Feb 2025

In this episode of Superannuation News Wrap, we discuss important updates from the superannuation industry. The Albanese government aims to strengthen Super Fund Services' management by setting mandatory service standards, a move supported by Xavier O'Halloran and ASFA. This plan addresses persistent issues like delays in processing death benefits and insurance claims, prompted by a $20 million loss lawsuit against Cbus for delays and AustralianSuper's $4.2m compensation for delayed claims. Public consultations on these standards are ongoing. The Australian Securities and Investments Commission (ASIC) is also increasing efforts to regulate risky superannuation practices by 2025. This includes targeting misleading advice around Self-Managed Super Funds and finessing accountability methods. Treasurer Jim Chalmers plans to release new service standards, and Minister Stephen Jones is combating financial frauds with a 'War on Scams'.n