AustralianSuper, ART Back Mulino Reforms Covering Nearly $800 Billion in Retirement Savings

3 articles · Updated · Super Review · Aug 20

AustralianSuper and Australian Retirement Trust jointly endorsed Daniel Mulino’s superannuation reforms, backing changes to consumer protections and easier access to retirement advice.
The package followed the collapse of Shield and First Guardian and would let ASIC direct trustees to start compensation where breaches are reasonably suspected.
Trustees could be required to repay full capital losses to members, while APRA would gain power to impose capital requirements on funds offering higher-risk investment options.
AustralianSuper’s Paul Schroder tied the advice changes to 2.5 million Australians retiring over the next decade, while ART’s Kathy Vincent said the industry now needs draft legislation to assess the path forward.

Sources

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