One of Australia's oldest superannuation funds is facing a backlash after a decision to dramatically increase insurance premiums for members aged over 55.
Vulnerable Australians, including those living in remote areas, could be about to lose the insurance attached to their superannuation funds under changes set to take effect from July 1.
Scandal-plagued wealth management firm AMP faces another class action, this time from its customers, who are hoping to claw back hundreds of millions of dollars lost after their super funds were allegedly eroded by fees.
Compulsory superannuation is not a good deal for millennials, as the money saved for their eventual retirement is better off being spent on buying property now, according to the Centre for Independent Studies.
The banking regulator has warned it may hit several financial institutions with additional capital requirements, after self-assessments conducted by banks, insurers and super funds found "material weaknesses" in governance and risk management.
The Federal Election could deliver some significant changes to the superannuation system, but how much super do you really need to retire comfortably? Even the experts find it hard to agree.
Australian employers are pocketing around $6 billion of their workers' retirement savings each year, according to Tax Office data analysed by Industry Super Australia.
Low-to-middle income Australians will be worst hit by a legislated plan to increase compulsory superannuation contributions from 9.5 per cent to 12 per cent by 2025, the Grattan Institute warns.
The new Australian Financial Complaints Authority is only six months old, but it has already seen a 43 per cent increase in complaints over its predecessors.
Opposition Leader Bill Shorten hits back at claims Labor's changes to franking credits will push self-sufficient retirees onto the pension, saying those who benefited from the existing regime are "already" receiving a gift from taxpayers.