In this episode, Sarah and Neil discuss:

• 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.

• Do we really care about 1 year fund returns or is it just marketing?
• Binding death benefit nominations - don't write 100.00%
• Sarah was at risk conference so wants to talk it.
• When good intentions end badly and what we can learn when it all goes sideways

Big ideas:

• the bow tie of risk management - example here: https://www.manycaps.com/blog/risk/8-steps-to-bow-tie-analysis.
• Neil has a new complaints scorecard tool: https://superware.ai/financial-services/complaints-scorecard

Recommendations:

• Coaching real leaders podcast https://hbr.org/2020/12/podcast-coaching-real-leaders
• Relay.App for creating AI agents: https://relay.app

NEWS:

• APRA on the warpath re fund expenditure. "Where APRA identifies practices which fall short of legal requirements, APRA will utilise the full range of its powers to hold an RSE licensee accountable."
• Super funds on track for 3rd consecutive year of robust returns. AMP includes crpyto in it's super portfolio.
• ATO approves NPP as payment method for payday super.

BIG IDEA:

• Framing, and why it matters in super

OUR RECOMMENDATIONS:

• Sarah recommends 'Coaching real leaders' HBR podcast.
• Neil recommends fyxer.ai to help manage and write emails for you (but just be careful it doesn't create more work for you!)