The Actuaries Institute has joined the chorus welcoming the Royal Commission’s final report, saying that it looks forward to assisting the Financial Service Reform Implementation Committee in rolling out the recommendations.
“The Institute fully supports the cultural change that has been advocated by the Royal Commission and demanded by the public,” Institute chief executive, Elayne Grace, said.
“The report examines some enormously complex issues and the Institute will take measured steps to assess the recommendations and determine how the actuarial profession can help industry achieve better outcomes for consumers.”
Grace believed that the organisation and its members would bring expertise in managing risk, including cultural and non-financial risk, to the implementation.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
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