Open Banking does not currently extend to superannuation funds. Superannuation funds may utilize Open Banking by applying for accreditation to receive consumer data, however they are not required to be accredited and provide consumer data to consumers or verified 3rd parties, unlike the banks.
SMSFs are not suitable for everyone and one should take decisions carefully before deciding to set one up. It is a critical financial decision and you need to have the time and skills to do it. Also while SMSF may seem like a lucrative option, their are better options for your super savings.
The lock downs and domestic work from home instructions have posed unprecedented challenges on the sector’s capacity and capabilities such as Triggering funds’ business continuity plans including the need to equip each fund’s workforce to work from home over remote access. Challenges posed by global outsource models as off-shore providers go into lock down, impacting […]