Explore the latest developments concerning Super switching sees.
Super switching sees billions flow out of traditional funds and at a risk
Australians looking to grow their retirement savings need to be aware of the risks. (Money, Coin, Investment, nattanan23, Pixabay license)
For many Australians, superannuation doesn't occupy their routine thoughts until they hit their 40s.
By that time, people who have been working for most of their lives may have built up hundreds of thousands of dollars in super, and start to think more closely about whether the amount they have accumulated will help support a comfortable lifestyle in retirement.
For much of the past decade, retail funds have been the biggest winners in attracting billions of Australians' super.
But in recent years, there's been a shift of retirement savings out of the major players into self-managed super funds (SMSFs).
ASIC warns savers at risk as big wealth platforms leave $300b exposed
The corporate regulator says major wealth management platforms have overly permissive compliance regimes, leaving customers exposed to the same dodgy schemes and shonky practices that led to thousands losing their savings when the $1 billion Shield and First Guardian schemes failed.
The Australian Securities and Investments Commission analysis – its first of the fast-growing sector since 2024 – bluntly concluded platform operators were “not doing enough to protect members” and, in some cases, found they had even regressed on crucial consumer safeguards over the past two years.
Gift 5 articles to anyone you choose each month when you subscribe.
Kinky Curly Wigs 13×6 HD Lace Frontal Wig Glueless Human Hair 4C Afro Curly Lace Front Human Hair Wigs 4×4 HD Lace Closure Wigs
‘Deeply concerning’: ASIC warns on gaps in oversight of $300b in super
Businesses that oversee $300 billion in superannuation savings invested via wealth platforms are not doing enough to monitor for potentially excessive financial advice fees being deducted from members’ accounts, the corporate watchdog warns.
The Australian Securities and Investments Commission (ASIC) will on Monday say it was “overwhelmingly disappointed” after it conducted a review into how well super trustees in the platforms segment are safeguarding members’ retirement savings.
Platforms, which have surged in popularity, allow members to have greater control over their super investments than traditional funds. They are technology systems that allow investors and financial advisers to manage money spread across multiple investment options.
For more detailed information, explore updates concerning Super switching sees.
