The Association of Superannuation Funds of Australia (ASFA) has expressed concern at the level of fees being imposed by the Australian Prudential Regulation Authority (APRA).
ASFA chief executive Philippa Smith has confirmed to Super Review that her organisation has been in discussions with the regulator in a bid to minimise the level of increases being imposed.
ASFA’s concerns on the level of levies being exacted by APRA came as the regulator confirmed that the number of trustee entities remaining under its jurisdiction now number just 307.
Smith said the level of charges being imposed by APRA raised questions about the costs and benefits of regulation.
The chief executive of Tasmanian-based Tasplan, Neil Cassidy, said the level of fees being exacted by APRA was an ongoing issue and something that needed to be reviewed.
Chief executive of AustralianSuper Ian Silk acknowledged the hefty slug being imposed on funds, but said it was important that members understood that Australia had the highest possible levels of prudential regulation.
