ASFA welcomes ASIC strengthening
The Association of Superannuation Funds of Australia (ASFA) has welcomed the government's announcement that it would be strengthening the Australian Securities and Investments Commission (ASIC).
ASFA was also particularly pleased with the Government's decision for greater funding for the Superannuation Complaints Tribunal (SCT) to clear the case backlog.
The association chief executive, Pauline Vamos, said "where members need to take the next step and seek a resolution through the SCT, it is important that these issues are resolved quickly as some complainants are in a difficult financial position".
"The SCT is a service of critical importance to APRA [Australian Prudential Regulation Authority]-regulated superannuation funds and their members. Future funding needs to reflect the rise in time taken to resolve complaints due to the complexity of issues and increasing numbers of those registering a beneficial interest," said Ms Vamos.
ASFA also noted the announcement of the implementation of the Financial System Inquiry recommendation for a full user pays model for ASIC funding.
"ASFA supports adequate and appropriate funding for ASIC, and considers that all regulated industries should contribute to that funding via levies," Vamos said.
ASFA also welcomed the deferral of the industry funding model until 2017 as it has concern about the lack of transparency and accountability inherent in the current process by which levies are applied and utilised.
Recommended for you
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
Economists have warned inflation risks remain elevated even as the RBA signals policy is sitting near neutral after its latest hold.
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 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
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
