In Australia, more than half of all new money flowing onto platforms is now coming via managed accounts. That kind of scale attracts regulatory attention, and that scrutiny is now underway.
As managed accounts continue to grow, it’s more likely regulator interest will be piqued as a natural outcome of their importance to the retirement savings system.
The recent First Guardian and Shield collapses (which wiped out hundreds of millions in member retirement savings) have already significantly impacted governance standards across all wrap platforms. And signals from policy makers and regulators indicate that the regulatory focus on platforms will continue, specifically around superannuation offers via managed accounts.
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