Fund Regulatory Update

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  • Mutual Care AFS licence suspended

  • Assurance Cover Australia AFS licence cancelled

  • Ascent Investment to liquidate under court order

  • APRA heatmap reveals 45 per cent underperformance rate

  • APRA revealed options that significantly underperformed, managed by:

  • Future Super penalty for greenwashing

  • Government announcement on paying super with wages

  • APRA and AFCA sign MoU

  • APRA consultation on combining product histories

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Risk Regulatory Update

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  • 2023 financial adviser exam dates released, latest exam results in

  • ASIC urges insurers to review claims payment systems

  • FPA and AFA seeking feedback on a new name, merger phase 2 in place

  • Regulatory concerns on premium increases

  • ASIC starts proceedings against OnePath Life for breaches of utmost good faith

  • New adviser registration requirement with ASIC

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Fund People Update

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  • Rest shuffles equities team

  • Challenger welcomes new CFO

  • APRA appoints new chair and deputy

  • Aviva welcomes head of APAC

  • Vanguard farewells CFO, welcomes new executive

  • CareSuper appoints ESG head

  • Fidelity welcomes director of institutional business

  • Investment Trends welcomes CEO, chair of advisory board

  • UniSuper loses chair, welcomes head of advice

  • TelstraSuper promotes portfolio manager

  • Magellan appoints CIO

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Fund People Update

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  • First Super welcomes new director

  • JANA appoints CEO

  • Aware Super director wins Trustee of the Year

  • Schroders appoints head of private wealth

  • NGS welcomes two new share managers, farewells CEO

  • Mercer appoints investment chief

  • Rest welcomes new director

  • ASX appoints CFO

  • APRA announces scholarship recipients

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Fund People Update

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  • Yarra Capital welcomes two investment heads

  • VFMC appoints head of equities

  • Mason Stevens appoints head of asset allocation

  • Aware Super welcomes portfolio manager

  • FSC welcomes two new board members

  • JBWere appoints head of research

  • Australian Unity farewells chair and director

  • SMSF Members Association appoints CEO

  • BUSSQ appoints CIO

  • APRA chair resigns

  • legalsuper welcomes COO, head of product, manager of business development

  • Future Fund appoints two new heads

  • AFCA welcomes board member

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Fund Regulatory Update

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ASFA speaks up against early release of super for housing

The Association of Superannuation Funds of Australia (ASFA) has called on the government to block the proposal for the early release of superannuation for housing deposits, saying it would not improve housing affordability and will significantly impact Australians’ dignified retirement.

In a report published in March 2021, ASFA found that no reviews of superannuation recommend the early release of superannuation for housing deposits, while several have made recommendations to the contrary.

APRA acts on NESS Super

The Australian Prudential Regulation Authority (APRA) has issued directions to NESS Super Pty Ltd to improve its governance. The directions require NESS to make amendments to its constitution to appoint a second independent director, which will achieve an equal composition of employee, employer and independent directors on the six-person board.

APRA's directions are meant to help ensure that the board has the appropriate skills and experience to promote a strong risk culture and improve outcomes for members.