THE HALFAX HEIMDALL AUGUR

ASIC's lawsuit against Cbus has put the big super funds on notice Yuri A/Shutterstock Does your superannuation fund also provide you with insurance? Many of us are automatically enrolled without even realising. Now, the way super funds handle such claims has been thrust into the spotlight. Australia’s corporate watchdog – the Australian Securities and Investments Commission (ASIC) – has put our $3.9 trillion superannuation sector on notice, launching legal action against one of the country’s largest industry super funds. On Tuesday, ASIC alleged that Cbus – which manages more than $85 billion on behalf of more than 900,000 Australians – was too slow to process millions of dollars in death and disability payouts, leaving many families in prolonged financial uncertainty. ASIC Deputy Chair Sarah Court said in a statement: We allege Cbus failed its members and claimants at their most vulnerable time, and we are taking this case to protect all those vulnerable Australians trying to access the financial support to which they are entitled. In response, Cbus apologised for the delays and announced a new compensation program for affected members. But at a press conference on Wednesday, Cou…

Australians setting up for retirement by investing in products on superannuation platforms are still at risk of exposure to dodgy offerings. The warning from the corporate regulator comes in the wake of the collapse of the First Guardian and Shield funds, which exposed hard-working Australians to highly speculative, illiquid assets and outright theft. The fallout left almost 11,000 people $1.1 billion out of pocket, with many losing their entire savings after being lured into switching from standard super funds with the promise of sky-high returns. The Australian Securities and Investments Commission on Monday released a 30-page report on a 15-month review of six platform trustees entrusted with more than $300 billion in savings in 977,000 member accounts. The regulator ultimately found itself "overwhelmingly disappointed" with a lack of progress in key areas since its last industry report in 2024. These include a lack of trustee oversight of advice fee deductions and fee-related conduct, monitoring of holding limits and options on their investment menus. "Overall, our review found that trustees are still not doing enough to protect members from harmful advice, fee deductions…

Younger Australians with smaller superannuation balances are being warned to be careful if they are thinking about switching to a self-managed super fund. The advice from the industry super fund sector comes at the same time the corporate regulator pinged super platform operators over fee practices and the existence of potentially dodgy products. The Super Members Council has made a submission to Federal Treasury, which is consulting over fund protections following a scandal involving platform funds. The council found a correlation between a surge in advice fees deducted from super accounts over the past two years and a spike in super switching. The trend raises concerns about switching incentive effects, advice fee levels, and super erosion risks for younger Australians in parts of the super system, it believes. Of particular concern is the potential impact on young industry fund members with balances of less than $100,000 switching to SMSFs. "The switching risks can be very significant for younger Australians with a modest amount of super, because higher fees can seriously eat away at their retirement savings at a pivotal stage for their super," council leader Misha Schuber…

Younger Australians with smaller superannuation balances are being warned to be careful if they are thinking about switching to a self-managed super fund. The advice from the industry super fund sector comes at the same time the corporate regulator pinged super platform operators over fee practices and the existence of potentially dodgy products. The Super Members Council has made a submission to Federal Treasury, which is consulting over fund protections following a scandal involving platform funds. The council found a correlation between a surge in advice fees deducted from super accounts over the past two years and a spike in super switching. The trend raises concerns about switching incentive effects, advice fee levels, and super erosion risks for younger Australians in parts of the super system, it believes. Of particular concern is the potential impact on young industry fund members with balances of less than $100,000 switching to SMSFs. "The switching risks can be very significant for younger Australians with a modest amount of super, because higher fees can seriously eat away at their retirement savings at a pivotal stage for their super," council leader Misha Schuber…

Australians setting up for retirement by investing in products on superannuation platforms are still at risk of exposure to dodgy offerings. The warning from the corporate regulator comes in the wake of the collapse of the First Guardian and Shield funds, which exposed hard-working Australians to highly speculative, illiquid assets and outright theft. The fallout left almost 11,000 people $1.1 billion out of pocket, with many losing their entire savings after being lured into switching from standard super funds with the promise of sky-high returns. The Australian Securities and Investments Commission on Monday released a 30-page report on a 15-month review of six platform trustees entrusted with more than $300 billion in savings in 977,000 member accounts. The regulator ultimately found itself "overwhelmingly disappointed" with a lack of progress in key areas since its last industry report in 2024. These include a lack of trustee oversight of advice fee deductions and fee-related conduct, monitoring of holding limits and options on their investment menus. "Overall, our review found that trustees are still not doing enough to protect members from harmful advice, fee deductions…

Super funds face shake-up as retirees flock to rivals Super funds face shake-up as retirees flock to rivals News 24 Mar 2026 Cliona O'Dowd at The Australian Share The kids always loved it when Gramps pulled out his air keyboard. Pic: Getty Images The superannuation sector is set for a radical shake-up in the coming decade, with the nation’s retirement pot tipped to balloon above $7 trillion and a shrinking number of funds controlling workers’ wealth. By 2035, just 30 funds will manage Australia’s retirement savings pool, down from the current 75, as mergers and acquisitions ramp up in the coming years, according to consulting firm Mercer. These mergers will create blockbuster funds with average assets under management of $161bn by 2035, up from the current average of $39bn. Australia is also expected to get its first trillion-dollar super fund by 2035: AustralianSuper, the nation’s biggest super fund, already manages more than $400bn for its 3.6 million members and estimates it will reach the trillion-dollar mark in less than a decade. But industry funds risk losing more and more retirees to adviser-friendly platforms if they can’t lift member services, Mercer partner Tim Jenkins …

ASIC superannuation review: Why the corporate watchdog is demanding ... 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. Platforms are generally only used by investors who have an adviser, and financial advisers are allowed to charge fees directly to super balances held on platforms. ASIC says the value of superannuation member funds held on platforms has more than tripled in the last decade, outpacing growth in the broader super sector, but it says platform trustees need to do more to p…

Super, Scams, and Scapegoats. | Newcastle Advisors The collapse of Shield and First Guardian wiped out $1.2b in superannuation, impacting more than 12,000 Australians. While headlines target financial planners, the truth is different: fraudsters, auditors, trustees, research houses, and regulators failed to protect investors. This long-form opinion piece explains what really went wrong, why advisers shouldn’t be the scapegoats, and how the super system must change to protect Australians. Australia has just witnessed one of the largest investment collapses ever to flow through superannuation. The collapse of the Shield Master Fund and First Guardian Master Fund has vaporised over $1.2 billion, impacting more than 12,000 Australians. For the families affected, it’s not just numbers on a screen, it’s lost homes, delayed retirements, and dreams ripped away overnight. And yet, once again, the easy narrative is rolled out: financial advisers are to blame. Well, enough is enough. Superannuation is not a scam. Financial advice is not a scam. But when fraudsters, conflicted auditors, and a regulator that drags its feet are left unchecked, the entire industry — and every honest planner…

$4.1 trillion superannuation industry to get a ... - YourLifeChoices Home Finance Finance Superannuation Industry Super Funds $4.1 trillion superannuation industry to get a ‘long overdue’ shake-up By Floralyn Teodoro 29 January 2025 6 The industry is under scrutiny following a series of service issues. For Australians, superannuation is the nest egg to rely on for a comfortable retirement, and for many, it represents a lifetime of hard-earned savings. However, the superannuation industry, which is worth a staggering $4.1 trillion, has recently come under intense scrutiny after a series of service shortcomings and delays in paying out death and disability claims, which have left many Australians without help or support. Recognising the gravity of these issues, Finance Services Minister Stephen Jones has announced a series of ‘long overdue’ reforms aimed at overhauling the superannuation sector, which will be backed by enforceable legislation. The first order of business in this sweeping reform is to address the slow pace at which death benefits and other insurance claims are processed. Improving communication with members is also high on the agenda, as fund members must be kept in …

Australians setting up for retirement by investing in products on superannuation platforms are still at risk of exposure to dodgy offerings. The warning from the corporate regulator comes in the wake of the collapse of the First Guardian and Shield funds, which exposed hard-working Australians to highly speculative, illiquid assets and outright theft. The fallout left almost 11,000 people $1.1 billion out of pocket, with many losing their entire savings after being lured into switching from standard super funds with the promise of sky-high returns. The Australian Securities and Investments Commission on Monday released a 30-page report on a 15-month review of six platform trustees entrusted with more than $300 billion in savings in 977,000 member accounts. The regulator ultimately found itself "overwhelmingly disappointed" with a lack of progress in key areas since its last industry report in 2024. These include a lack of trustee oversight of advice fee deductions and fee-related conduct, monitoring of holding limits and options on their investment menus. "Overall, our review found that trustees are still not doing enough to protect members from harmful advice, fee deductions…

First Guardian, Shield super collapse: Spotlight investigation into how ... investigation First Guardian, Shield super collapse: Spotlight investigation into how $1.2b in retirement funds were lost ‘What we have seen in these matters is I would call misconduct on an industrial scale.’ Michael Usher The Nightly 5 Min Read 29 Aug 2025 Updated 30 Aug 2025 Super scam victims Garry and Michelle Thomas. Credit: supplied / 7NEWS Every night this week, countless Australians have woken in a sweat, crushed by dreadful, overwhelming emotions. They’re in a nightmare, but not one they can shake by simply waking. Their nightmare is real and lasts every sleeping and waking minute, because their futures have been stolen. All their hard-earned retirement savings have been lost. Healthy superannuation balances meant to be in safe hands, have been wiped out. It’s all gone, and the scale is unbelievable. When Garry and Michelle Thomas, from Adelaide, logged into the account in July, late one night before bed, they fell on the floor. Their $240,00 balance has gone, reduced to zero. Sign up to The Nightly's newsletters. Get the first look at the digital newspaper, curated daily stories and breaking hea…