{"id":646758,"date":"2026-08-20T06:08:10","date_gmt":"2026-08-20T06:08:10","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/646758\/"},"modified":"2026-08-20T06:08:10","modified_gmt":"2026-08-20T06:08:10","slug":"australiansuper-and-art-react-to-mulinos-reforms","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/646758\/","title":{"rendered":"AustralianSuper and ART react to Mulino\u2019s reforms"},"content":{"rendered":"<p>In a rare joint announcement,\u00a0AustralianSuper\u00a0and Australian Retirement Trust, have reacted to Financial Services Minister Daniel Mulino\u2019s reforms on consumer protection and advice.\u00a0<\/p>\n<p>The two funds\u00a0represent\u00a0almost $800 billion in member funds.\u00a0\u00a0<\/p>\n<p><a href=\"https:\/\/www.superreview.com.au\/mulino-announces-sweeping-superannuation-reform-package\/\" rel=\"nofollow noopener\" target=\"_blank\">Yesterday (19 August) Mulino announced a range of reforms<\/a>\u00a0around lead generation, anti-hawking provisions, financial\u00a0advice\u00a0and compensation, prompted by the collapse of Shield and First Guardian.\u00a0<\/p>\n<p>Super trustees will face greater accountability under a new remediation framework allowing ASIC to direct trustees to\u00a0commence\u00a0compensation processes where there is reasonable suspicion they have failed to meet their obligations.\u00a0<\/p>\n<p>Under the proposal, trustees would\u00a0be required\u00a0to compensate members for their full capital losses where obligations have been breached, while APRA will receive new powers to impose capital requirements on trustees offering higher-risk investment options.\u00a0<\/p>\n<p>AustralianSuper\u00a0CEO,\u00a0Paul Schroder, focused his approval on measures around financial advice as 2.5 million Australians are set to retire over the decade. The fund is Australia\u2019s largest super funds with $430 billion in assets for 3.6 million members.\u00a0<\/p>\n<p>\u201cWe support the Government\u2019s plan to strengthen consumer protections and make advice\u00a0easier to get for millions of Australians,\u201d he said.\u00a0<\/p>\n<p>\u201cMembers deserve the right help to make good financial decisions with one of their most important assets. People need more help and they need that help to be safe and reliable.\u201d\u00a0<\/p>\n<p>His comments are\u00a0timely\u00a0given\u00a0AustralianSuper\u00a0<a href=\"https:\/\/www.superreview.com.au\/australiansuper-expands-advice-offering-appoints-michelle-levy\/\" rel=\"nofollow noopener\" target=\"_blank\">recently announced a decision to expand its advice offering<\/a>\u00a0via personalised digital advice and greater retirement guidance access.\u00a0\u00a0<\/p>\n<p>Mulino also announced a \u2018new class of adviser\u2019 will be able to provide advice for APRA-regulated superannuation funds.\u00a0<\/p>\n<p>Meanwhile, ART chief executive, Kathy Vincent, said: \u201cAustralians deserve access to retirement advice that is right for them, and I congratulate\u00a0Minister Mulino and the Federal Government on the range of measures announced.\u00a0<\/p>\n<p>\u201cThese changes will contribute to a more confident and dignified retirement for millions of\u00a0Australians.\u00a0We look forward to seeing the detail of the draft legislation so industry stakeholders can have\u00a0confidence about the path forward that is in the interests of fund members.\u201d\u00a0<\/p>\n<p>ART has 2.4 million members\u00a0representing\u00a0$370 billion in assets.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"In a rare joint announcement,\u00a0AustralianSuper\u00a0and Australian Retirement Trust, have reacted to Financial Services Minister Daniel Mulino\u2019s reforms on&hellip;\n","protected":false},"author":2,"featured_media":646759,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[595,109523,172584,79,106165,18,19,17,234,235,39892],"class_list":["post-646758","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-art","tag-australian-retirement-trust","tag-australiansuper","tag-business","tag-daniel-mulino","tag-eire","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-treasury"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/117126345944479400","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/646758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=646758"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/646758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/646759"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=646758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=646758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=646758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}