POWERED BY MOMENTUM MEDIA
ASIC confirms monitoring of super advice
The Australian Securities and Investments Commission (ASIC) has sent a message to superannuation fund trustees to properly discern the difference between general and personal advice, pointing to the recent Full Court decision impacting BT Funds Management.
ASIC commissioner, Danielle Press has used an address to the Conference of Major Superannuation Funds (CMSF) in Adelaide today to confirm that the regulator was currently examining a number of funds to ensure that they were adhering to the interpretation handed down by the full Federal Court.
Press said that ASIC recognised that the provision of financial advice represented a current challenge for superannuation funds but the regulator took the view that helping the member needed to be paramount.
However, she also signalled the degree to which the Federal Government had taken control of the advice issue, noting that a lot of the change which would occur would be legislative change, not regulatory change.
In doing so, Press urged superannuation funds to “lean into” the consultation processes around the Government’s review of financial advice.
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
"Lean in" I've got that on my cliche bingo card. Right next to going forward.