Stephen Jones MP, the Assistant Treasurer and Financial Services Minister has flagged that broker clients are ‘finding a better deal’ than they would be able to find on their own.
APRA signals heatmap to stay despite benchmarking reforms 18 December 2020
APRA has said that it will keep returning each year “like the Christmas Grinch” to publish super performance data, as it considers whether it should take enforcement action against eight trustees for underperformance.
The prudential regulator has released the first full refresh of its heatmap since it was first published last December, publishing data that compares super funds across metrics such as net investment performance and fees.
The 2020 heatmap also has an accompanying report, which has shown that in the last 12 months, 11 of the MySuper products that underperformed the investment benchmarks in the first heatmap have exited the industry.