POWERED BY MOMENTUM MEDIA
Industry demands detail of SCT wind-down
Australia’s two major superannuation representative organisations want greater detail from the Government on how it intends to fund the Superannuation Complaints Tribunal (SCT) until it is wound up on 1 July 2020.
Both the Australian Institute of Superannuation Trustees (AIST) and the Association of Superannuation Funds of Australia (ASFA) have used submissions to the Treasury to urge the delivery of greater detail around SCT funding.
The two organisations have sought particular detail around whether additional funding will be provided to the Tribunal to ensure it clears its caseload by the deadline on 1 July 2020.
The SCT executive has been part of a modelling exercise involving the Treasury, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) to determine what is required to help it clear its caseload.
The AIST’s submission to the Treasury noted that the SCT would be wound down and no longer in operation from 1 July 2020.
“AIST queries how this will be managed moving forward and believe that more information should be provided regarding this,” the submission said.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
