Addressing the Conference of Major Superannuation Funds (CMSF), he said that instead of stapling members to a particular fund, the Government should accept an amendment which would see them stapled to their money – something which would allow them to switch from fund to fund throughout their careers while remaining attached to their balances.
On the question of the Treasurer’s proposed reserve power, Jones said the measure was highly problematic which would make Josh Frydenberg the “superannuation trustee in chief”.
“It is kryptonite for investment certainty,” he said. “It is unfathomable that coalition members would allow this to sail through their party through untouched.”
Rowell openly stated that some of the current mergers being discussed were not to APRA’s liking.
“Over the past eight years, about 70 APRA-regulated funds have finalised mergers, and there are currently around a dozen potential mergers under consideration that we know of,” she said. “While this is welcome, we’re not convinced all of these mergers are producing a new entity that has either the governance capability or the scale to be sustainable over the long-term.”
“The emerging industry view seems to be that any fund with less than around $30 billion in assets under management is increasingly going to be uncompetitive against the so-called ‘mega-funds’,” she said.
ASIC’s hands tied on affordable advice
ASIC’s hands tied on affordable advice
ASIC commissioner Danielle Press has suggested a large number of the changes demanded by industry in the regulator’s affordable advice consultation were “above my pay grade”, indicating major action may not be taken to address advice accessibility until the government’s 2022 review.
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Addressing the Conference of Major Superannuation Funds on Wednesday, Danielle Press said the advice industry was “at a turning point” where significant legislative change may be necessary to ensure consumers continued to access the services they needed.
“The consultation we did on access to advice showed half of that was about legislative reform, which is above my pay grade and not things ASIC can do,” she said.
The Australian Securities and Investments Commission has confirmed it is closely monitoring the delivery of financial advice by superannuation funds against the terms of the High Court BT case decision.
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The Australian Securities and Investments Commission (ASIC) has sent a message to superannuation fund trustees to properly discern the difference between general and personal advice, pointing to the recent Full Court decision impacting BT Funds Management.
ASIC commissioner, Danielle Press has used an address to the Conference of Major Superannuation Funds (CMSF) in Adelaide today to confirm that the regulator was currently examining a number of funds to ensure that they were adhering to the interpretation handed down by the full Federal Court.
Press said that ASIC recognised that the provision of financial advice represented a current challenge for superannuation funds but the regulator took the view that helping the member needed to be paramount.