POWERED BY MOMENTUM MEDIA
ACSA takes aim at ASIC paper 197
Increasing the disclosure requirements on super funds to include precise itemised content would increase costs for members, according to the Australian Custodial Services Association (ACSA).
It said the trend would be a complex process that would ultimately be worn by the member.
It is currently working on a series of consultation papers to ensure the industry body can "get it right for the mums and dads of Australia", according to ACSA chair Pierre Jond.
He said 2013 would bring unprecedented change to the entire financial services industry and increase the profile of custodians.
The papers focus on the Australian Securities and Investments Commission (ASIC) consultation paper 197 and a number of proposed changes to Australia's custody industry, including calls for custodians to act as gatekeepers.
ACSA said elevating custodians to the position of regulator would be confusing and complicated.
"ACSA believes this raises a number of questions such as the necessity of multiple watchdogs, and may confuse the obligations of the custodian to the responsible entity, and complicate the relationship between these two parties," it said.
ACSA was also opposed to the idea of changing the title of custodians to something else, as it would put Australia at odds with its global peers.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
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
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
