In the latest Financial Services News Wrap, APRA Executive Director Sean Carmody calls for greater transparency in the insurance industry to tackle severe weather patterns and bridge protection gaps. Monetary policies are covered with the Reserve Bank of Australia's decision to hold the cash rate steady at 4.35%, indicating potential loosening of monetary policy. AustralianSuper and TAL introduce a lifetime income product for secure retirement funding, reflecting an industry trend. Self-Managed Superannuation Funds (SMSFs) are attracting younger generations, leading to a 14% increase in new accounts according to AUSIEX, highlighting the blend of professional advice and technology for successful fund management.
