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From DDO to FAR: What’s shaping superannuation’s future right now
Manage episode 499612141 series 3675132
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#4. Sarah Penn and Neil Benson discuss the latest news and views affecting Australian superannuation professionals.
- AFCA Complaints Down: Overall complaints about financial services are down 4%, with superannuation-specific complaints dropping a huge 16%. Notably, complaints about claims handling fell by 39%, signalling real operational improvements across the industry.
- DDO & “Reasonable Steps” Under the Microscope: Design and Distribution Obligations (DDO) have moved the focus from “buyer beware” to responsible design and distribution. Expect ASIC to sharpen its scrutiny—not just on disclosures (like TMDs), but on product distributors and the steps funds take to ensure their products reach the right consumers.
- The FAR Era Begins: The Financial Accountability Regime (FAR) is now live, bringing tough new documentation and accountability standards for executives. The need for clear, demonstrable “reasonable steps” is real—so now’s the time for internal checks and keeping your house in order.
We also touched on the value of finishing what you start (hello, RG146 training!) and managing those ever-spinning plates. And if you’re in the document weeds, don’t miss the PDS Manager Roundtable coming up in August.
That Super Show
Sarah Penn, CEO of Mayflower Consulting
- Connect with Sarah on LinkedIn
- Follow Mayflower Consulting on LinkedIn
- Visit Mayflower Consulting's website
Neil Benson, CEO of Superware
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