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!)

NEWS:

• Div296/$3m super tax/unrealised gains
• tax benefits from super more than cost of age pension system
• APRA tells funds to get on with consider MFA
• impacts of super AML exemption
• Joe Longo (ASIC Director) tells super directors to do better
• And speaking of directors, CPS510 (Governance) out for consultation
• Quality of Advice review - second tranche of legislation finally on the way

BIG IDEA:

• how to successfully navigate a business case for software when the outcome isn't certain (because it never is)
• how to manage up - HBR Women at Work podcast

RECOMMENDATIONS:

• nominate yourself or someone else for an award. It's worth the effort.
• IBR Annual Future Risks 2025: Superannuation Risks and Governance Conference, 9-10 July 2025, Sydney. Register here.