Stephen Jones has had enough, ASIC finds more things to yell at super funds about (scam management this time), so much news and a LOT of events coming up.
Stephen Jones, Minister for Financial Services, has announced that his tenure will end at the next federal election. He has actually managed to get quite a bit done over his term. Although sadly not phase 2 of QAR (the 'getting rid of SOAs' bit). Will be interesting to see who we have post the election and where their focus lies. Could be, er, interesting...
And ASIC has cracked down on 'unsuitable super advice' stating that it has observed significant superannuation fund inflows into high-risk investments and payments to lead generation businesses, driven by high-pressure sales tactics and social media. About time too!
More details below plus all the latest news and events. It's going to be a big year in super!
Cheers
Sarah
NEW TO THE SSFPP?
...and want to have this nifty newsletter delivered to your inbox every week?
ASIC calls out super trustees over 'weak' anti-scam practices - Financial Standard. Yeah OK ASIC, this was a bit of an overreach. Every super fund and platform I know is working hard on this. It's starting to look like they just enjoy yelling at super funds... or is that just me?! - SP
Scam and fraud practices of superannuation trustees:
ASIC has written to superannuation trustees urging them to strengthen anti-scam practices, or risk exposing members to harm. The open letter outlines ASIC’s guidance for superannuation trustees in preventing, detecting and responding to scams and fraud activity. It follows an ASIC review of 15 superannuation trustees which found none had an organisation-wide scams strategy in place.
ASFA NSW Legs&Regs Webinar: Monday, 10 February at 1pm. Our first discussiongroup for 2025 will be on the topic of AML with guest speaker - Laura Newton from Herbert Smith Freehills. Register here.
APRA Connect FAR drop-in sessions covering the process to complete and submit the ‘FAR – Register Accountable Person’ forms. Thursday 6 February, 2-3pm AEDT for superannuation entities (registration link).
Advice Policy Summit 2025 - Old Parliament House from Monday, 10 February to Tuesday, 11 February 2025 - Register here.
Financial Standard Chief Economists Forum 2025 - Tuesday, 18 February 2025 - The Fullerton Hotel Sydney | Thursday, 20 February - Zinc at Fed Square Melbourne - Register here.
ASFA Spotlight on Insurance in Superannuation - Shangri-La Sydney -Tuesday, 4 March 2025. Registration from 9:00am - Register here.
ASFA Budget Briefings:
Brisbane Wed 26 March| 7.00 - 9.00am - register here
Sydney Wed 26 March| 12.00 - 2.00pm - register here
2025 ACSI Conference - Grand Hyatt Melbourne - Wednesday, 2 April 2025, 8:30am to 6pm - Register here.
CREW Webinars (Compliance and Risk Executive Women): stay tuned for the 2025 event list. Join CREW here - women only, sorry blokes.
STOP HURRYING ALL THE TIME!
Another great read in HBR and very relevant for today -The Insidious Effects of Hurrying by Kandi Wiens. In today's world of constant connectivity and hustle, it's easy to fall into the trap of always feeling rushed, which can leave you worn out. Here are some tips to help you take it easy without sacrificing performance.
Australia’s leading* PDS and communications experts
1 – Are you drowning in PDSs? Are you looking for a lower risk, more efficient process?
2 – Are there any clouds on your business horizon? Do you have the right comms strategy in place?
3 – Do you need expert help to make a change to your business?
In the spirit of reconciliation Mayflower Consulting acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past, present and future and extend that respect to all Aboriginal and Torres Strait Islander peoples today. Always was, always will be Aboriginal land.
