In a letter sent to registerable superannuation entity (RSE) licensees on 10 April 2019, APRA and ASIC reinforced the importance of oversight to ensure fees charged to members are correct and in their best interest. This included a range of issues and ‘approaches for actions’ to address the oversight.
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Tom Seel is the product lead at QMV and has been involved with Investigate since its inception. He is passionate about data and data-centric projects having been involved in numerous data migration and data remediation projects throughout the superannuation industry.
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QMV’s Corporate Social Responsibility (CSR) group held the annual trivia night last Friday evening to raise funds for The Flemington Homework Club. CSR Chair, David Mehmed would like to extend appreciation to everyone who took part. We raised $6,829 for this worthy cause and it would not have been possible without the generosity and intellectual horsepower of our guests!
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QMV is extremely honored to have our data quality technology, Investigate named as a finalist for Compliance Innovator of the Year at the 2019 Fintech Business Awards. The nomination is very timely given the findings of the royal commission and the appetite for raising benchmarks across the industry.
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The Hayne Royal Commission’s superannuation related recommendations are first and foremost focused on promoting changes to the ways in which superannuation trustees deal with conflicts of interest and raising the standard of care which trustees adopt in managing members retirement savings. It is unsurprising that these two themes are often considered to fuse together in the form a fiduciary's best interest duty.
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The long-awaited Productivity Commission report on its three-year inquiry into competition and efficiency in superannuation has made a curious finding and recommendation that "because super funds are legally obliged to act in members' best interests, the fees they charge should not exceed cost recovery levels."
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While the Royal Commission spotlight has focused heavily on the major banks, the non-bank owned mass of the superannuation industry must also adjust to the climate of change with a resolve for improvement.
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QMV recently hosted a panel of insurance and superannuation leaders to discuss the path forward post the royal commission. The purpose of the event was to share initiatives and ideas that will drive an industry-wide transformation around people, process and technology.
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QMV recently celebrated our ten-year anniversary at Mornington Peninsula's internationally acclaimed Moonah Links Golf Resort. Getting out of our suits and away from the city allowed us to pause, connect with one another and reflect on the many achievements and challenges since the company was formed in 2008.
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The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has thrown some light onto the superannuation sector’s conduct while left alone in the dark with the retirement savings of Australians.
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The scale of Australia’s $2.7 trillion superannuation industry carries a gravity like attraction to the prospect of lucrative commercial gain for service providers such as administrators, investment managers, custodians, financial advisor groups, and insurers.
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The risks of managing other people's money have been laid bare over the course of the ongoing Royal Commission into Misconduct in the Banking, Superannuation and Financial Services. Taking a closer look at the internal control environment is a sensible place to start rebuilding trust.
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The phrase “Offence sells tickets, but defence wins championships” has been used by many great coaches across the sporting landscape. In recent times, this concept has spread from the sporting field into the white-collar world.
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The path to rebuilding trust with Australians starts now for leaders in the Australian financial services industry. The shift from rhetoric to solutions needs to be swift. In his 2015 book looking back at the global financial crisis title Other People’s Money, Financial Times journalist John Kay quoted American writer Upton Sinclair, to the effect that: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
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QMV has moved into new Sydney offices situated on Clarence Street. Our permanent base in Sydney is fast approaching twelve months and we sincerely thank QMV's valued clients and friends for their backing.
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QMV has appointed Wendy Colaço as principal consultant to lead QMV's Sydney office and provide consulting services to QMV clients. Wendy is a highly driven and energetic professional who joins the team at a period of significant growth.
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Data recently released by APRA provides a high-level picture of the trends in operational expenditure by most large superannuation funds in Australia.
QMV’s analysis of the data shows that since 2004, with the growing scale of assets within the superannuation system means…
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