Mass data clean-up for financial institutions

From

Post Royal Commission, financial institutions are cleaning up their act and cleaning up their customer data, according to QMV managing director, Mark Vaughan. “Banks, superannuation funds, insurers and wealth managers have been working overtime since the Royal Commission, unpicking data issues and, of course where needed, compensating customers for account errors such as fee-for-no-service and […]

continue reading

2020 an opportune time to refine super system

From

Despite maintaining one of the most efficient and progressive retirement savings systems in the world, Australia should heed some lessons from overseas in 2020 if it’s to remain as pre-eminent in the years to come, according to QMV Legal partner, Jonathan Steffanoni. Mr Steffanoni believes the velocity and breadth of change in the superannuation industry […]

continue reading

Consumer data policy poised to capture superannuation

From

The release of a senate inquiry report suggesting extending the Consumer Data Right (CDR) to superannuation and pensions information, will lead to increased competition and improved transparency, but there are also reputational and competition risks to consider, according to QMV Legal partner, Jonathan Steffanoni. The CDR is a competition policy which seeks to ensure that […]

continue reading

SG increase to benefit lower, middle income earners

From

While the Federal Government’s proposed increase in the Superannuation Guarantee (SG) could result in some workers taking home less pay, the incremental increase is likely to benefit lower and middle-income Australian’s, according to QMV’s principal consultant, Jonathan Steffanoni. The current rate for SG payments made by employers is 9.5%, with this rate set to continue […]

continue reading

Data error “hot spots” revealed – Financial institutions need to find data errors early

From

The ways in which fund data can go wrong are infinite. What matters most is how early errors are detected and corrected, and how this impacts customers, says Stephen Mahoney, executive director at QMV.  “Achieving error-free investment and customer data is unrealistic, but effective measures can be put in place to reduce the incidence and […]

continue reading

Super industry consolidation moving faster than ever

From

Consolidation in the superannuation industry is happening faster than ever, and those funds looking to merge must ensure the process is conducted with the needs of members remaining top of mind, according to industry panelists at a recent QMV event. The panelists agreed that many superannuation funds that exist today will not be here in […]

continue reading

Fund members to take centre stage in 2019

From

2019 is set to be a year of significant technical, strategic, and regulatory change for the Australian superannuation and insurance sectors, with long-term implications for all stakeholders in these industries, according to Wendy Colaço, principal consultant at independent consulting firm QMV. QMV has identified four key trends that will dominate the financial services landscape in […]

continue reading

Data Bill will usher in human rights for the digital age

From

While the introduction of the Consumer Data Right Bill into parliament has been delayed, it needs to be a priority for the government in 2019, as it is welcome first step in addressing the imbalance of bargaining power between the holders and subjects of data, says Jonathan Steffanoni, principle consultant, legal and risk, with QMV. […]

continue reading

Royal commission moves into solution mode

From

Proposed superannuation industry reforms from the Royal Commission are likely to cover four main themes including simplification of the law and of disclosure requirements, appropriate civil penalties for breeching best interests duty and an end to grandfathered commissions, says Jonathan Steffanoni, Principal Consultant, Legal & Risk at QMV. “The future of financial product disclosure probably […]

continue reading

QMV appoints principal consultant

From

Wealth management consulting and technology firm QMV has appointed Wendy Colaço to the position of principal consultant. In the role she will lead the existing team in the Sydney office, and provide senior consulting services to QMV clients. QMV Managing director Mark Vaughan said the appointment of Ms Colaço comes at a period of significant […]

continue reading