Industry fund CEO details ‘shameful’ conduct
Some of Australia's major financial institutions have fallen well short of acceptable behaviour in a fashion similar to Volkswagen, according to AustralianSuper chief executive, Ian Silk.
Delivering an ovation to the Association of Superannuation Funds of Australia (ASFA) annual conference in Brisbane, Silk did not name those companies guilty of falling short but said they had been well-named on the pages of the national newspapers.
He said they had been guilty of a shameful examples of bad conduct the negative results of which had a flow-on effect to public perceptions of other players in the industry.
Silk said it was in these circumstances that the superannuation had to commit itself to putting members' interest first.
Among the issues raised by Silk as requiring being addressed were claims by some organisations that their products were "no fee" when, while legally defensible, this was not the case.
The AustraliaSuper chief executive also pointed to those organisations promoting active investment strategies but who placed members into passive default products.
"Sub-optimal products," he said.
Recommended for you
The super fund has launched Retirement Manager, a digital advice tool helping members plan income, spending, and retirement confidence with integrated support.
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not diminish their obligations, as regulators turned the spotlight on the Shield Master Fund and First Guardian Master Fund during a meeting with fund CEOs.
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
