ASIC looks to super funds as advice providers
The Australian Securities and Investments Commission (ASIC) expects that it will be superannuation funds which deliver most advice to low-balance clients.
Asked about whether advice was becoming less affordable in the wake of the Royal Commission and other regulatory changes, ASIC pointed to advice inside superannuation.
Giving evidence before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC commissioner, Danielle Press pointed to superannuation funds as being the likely conduit for advice delivery.
Under questioning from former financial adviser and Queensland Liberal back-bencher, Bert Van Mannen, Press said the regulator was aware of unfilled advice needs and the changes to the system.
“Advice in superannuation as well, and I believe that much of advice that lower income Australians will receive is through their superannuation fund,” she said.
“Super funds both industry and retail have been providing advice for a long time,” Press said.
Recommended for you
Superannuation industry bodies have warned the prudential regulator that some of the more rigid proposals in its Governa...
IFM has firmly opposed any push for publicly disclosing current valuations of private market assets, saying it would “damage the financial interests of investors” and reduce appetite for infrastructure and private business investment.
Subdued GDP figures have bolstered expectations that the RBA could cut rates sooner and, possibly more aggressively, market watchers say.
Australian institutional investors plan to keep their finger on the pulse of private markets, new data has shown, with local investors aiming to further expand allocations into the sector.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
