LOOSE CHANGE
Sydney Morning Herald
Wednesday February 24, 2010
Risk managementThe Institute of Actuaries of Australia has called on the federal government to require all public-offer super funds to have a Financial Condition Report. "[It] allows trustees to stress-test a super fund under different market conditions and provides a one-stop-shop view of its financial strength now and in the future," says the institute's head, Melinda Howes.Banks cry poorThe big banks' massive profits are a slap in the face for ordinary consumers who have struggled to keep up with rising interest repayments. Louise Petschler, the head of Abacus, which represents credit unions and building societies, says major banks have been crying poor and putting their shareholders' interests above those of customers. She says consumers should consider the alternative €” the credit unions and mutual building societies €” which are owned by members not shareholders.Demand for freebiesAlmost 400,000 new cardholders joined FlyBuys last year. "There's no question that consumers are really trying to drive their dollar further and look for ways to get extra benefits when they shop," general manager Phil Hawkins says. Popular reward redemptions include slow cookers, blenders and steamers.Truth in labellingConsumer group Choice says supermarkets are now full of foods with ingredients that are likely to be derived from GM crops. These include soy, corn and canola, which are in products such as cereals, breads, sauces, cooking oils, margarine and snack foods. "The law should require full disclosure of any GM ingredients so consumers have all the information they need to make a truly informed choice," the organisation says. With a government review of food labelling in progress, Choice encourages concerned consumers to take action by sending a message to the Food Labelling Review Panel asking for better GM labelling.
© 2010 Sydney Morning Herald
