Wed, 7th Aug 2024

In this episode, Paige Estritori examines recent superannuation events including issues surrounding the Australian Prudential Regulation Authority (APRA) and industry fund payments, some of which are directed towards trade unions. While permissible under the Superannuation Industry Supervision Act, ongoing audits and ethical questions persist. Mercer Super falls under scrutiny for falsely promoting the eco-friendly nature of its Sustainable Plus investment offerings. Exposed for greenwashing, the company faces a weighty 11.3 million dollar federal fine after investments in high-carbon fossil fuels, alcohol, and gambling were found under the 'sustainable' umbrella. Lastly, Estritori discusses the Financial Services Council's new Standard No 29. Launched to fortify consumer protection, major firms are expected to comply by July 2026 to safeguard over 3.5 trillion dollars in retirement savings through multi-factor authentication and robust anti-fraud policies.