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The changes to the Your Future Your Super performance test are an improvement, according to Willis Towers Watson. But the application of the test to trustee-directed products is probably more of a negative than a positive, and some benchmarks remain inflexible.
Systemic risk is difficult for investors to grasp because it’s no big deal – until it is. And unless investors adopt a “vastly different” mindset about pricing, it’s going to get a lot worse.