Self-managed superannuation funds (SMSFs) are not being appropriately regulated and should fall under the ambit of the Australian Prudential Regulation Authority (APRA), according to a survey of industry superannuation fund trustees and executives.
The survey, conducted by Super Review confirmed continuing high levels of negativity about SMSFs in the industry funds sector.
Asked whether SMSFs were being appropriately regulated, just over 80 per cent of respondents answered no – a figure consistent with the same survey conducted in 2016 and 2015.
However there seemed to be less certainty in 2017 about which particular regulator should have responsibility for SMSFs, with 41.9 per cent advocating APRA, while 35.4 per cent nominated the Australian Taxation Office (ATO) and 16.1 per cent nominated by the Australian Securities and Investments Commission (ASIC).
This compares to the outcome in 2016 when close to 60 per cent of respondents believed SMSFs should be regulated by APRA.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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