POWERED BY MOMENTUM MEDIA
ASIC working on member reserve rules
Superannuation funds can expect firm guidance from the Australian Securities and Investment Commission (ASIC) about when and in what circumstances they can use the member reserve to pay fines.
ASIC Commissioner, Danielle Press has told Senate Estimates that the regulator was continuing to work on the issue in circumstances where it represented a complex area of law.
Answering questions form NSW Liberal Senator and former Financial Services Council (FSC) policy adviser, Andrew Bragg, Press said the regulator was continuing to work on the use of reserves “around what can and can’t be paid out of reserves and how the disclosure should be made”.
Senator Bragg referenced issues raised in Senate Estimates last year and, in particular, a fine imposed on Hostplus and the manner in which it was paid.
Press acknowledged the length of time being taken by ASIC to deal with the issue and, while pointing to the complexity, said that if fines were paid from member reserves she would expect that members would be appropriately notified.
Recommended for you
Big business has joined the chorus of opposition against the proposed Division 296 tax.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
