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SuperBrief Independent & Concise

Issue #15 of 2015: Friday, 17th April

ANNOUNCEMENTS

$2.2 billion industry fund First

Super has teamed up with non-

aligned licensee Infocus Wealth

Management to provide full

financial advice services to its

72,000 members.

Source: Financial Standard

EXECUTIVE APPOINTMENTS

Suncorp have announced the

appointment of Michael

Cameron as its new CEO.

Cameron has a strong

background in financial

services, having held roles at St

George, Commonwealth Bank

and MLC.

Source: Money Management

The Australian Council of

Superannuation Investors (ACSI)

has appointed industry veteran

Louise Davidson as its new CEO.

Davidson is currently the

Environmental, Social and

Governance Investment

Manager at Cbus.

Source: Money Management

Superannuation and wealth

management advice firm IQ

Group has appointed Brian

Peters as their new CEO. Peters

replaces Graham Sammells,

who will remain involved with

the company in a director role.

Source: Investor Daily

SUPERSTREAM

More than 26,000 Australian

companies have taken up the

offer of QuickSuper, the

specialised funds clearing

house supported by

AustralianSuper. Owned and

operated by Westpac, the

online QuickSuper program

manages super payments for

companies of all sizes and at no

cost to registered employers.

Source: Financial Standard

ATO

The ATO is urging young workers

to use the myGov website to

consolidate their super

accounts. They reported that 45

per cent of working Australians

between 18 and 35 have more

than one account, suggesting

they are disengaged with their

superannuation.

Source: Super Review

RETIREMENT SYSTEM

The Committee for Sustainable

Retirement Incomes (CSRI) will

be launched on 2 June.

Chaired by prominent public

servant Michael Keating, the

committee is tasked with

investigating the adequacy

and sustainability of the

retirement income system.

Source: Investor Daily

LEGAL & COMPLIANCE

ANZ has set up a $30 million

compensation program for

advice clients of its financial

planning business, Prime

Access, who did not get the

annual reviews promised as

part of the bank's advice and

investment service. The bank is

working with ASIC to "finalise

the refund methodology."

Source: Financial Standard

The Federal Court of Australia

has found ActiveSuper misled

clients into investing $3.1 million

in a non-existent US-based

business and other offshore

investments, through self-

managed superannuation

funds (SMSFs) it had

encouraged them to establish.

They will now hear allegations

against a number of co-

defendants, who ASIC have

alleged were accessories to

ActiveSuper's breaches of the

Corporations Act.

Source: Money Management

NAB’s British bank Clydesdayle

has received a record fine

nearing $40 million for lying to

the United Kingdom's Financial

Ombudsman Service as well as

adopting inappropriate

complaint policies.

Source: Financial Standard