POWERED BY MOMENTUM MEDIA
Conflicts of interest a risk management issue for trustees
The Australian Institute of Superannuation Trustees (AIST) has welcomed the decision by the Australian Prudential Regulation Authority (APRA) to issue a conflicts of interest guide for superannuation funds.
The regulator announced the release of the guide late last week, with APRA deputy chairman Ross Jones saying it would provide examples of trustee-specific conflicts and outline issues for consideration within a registrable superannuation entity's conflicts of interest policy.
The APRA draft guidance paper makes clear that trustees of registrable superannuation entities must have a risk management strategy that would typically have a conflicts of interest policy.
Commenting on the APRA announcement, AIST chief executive Fiona Reynolds said there was mounting evidence that the different ways trustees were appointed and held accountable could make significant differences to the way they carried out their responsibilities.
"With the scrutiny being directed to superannuation funds in the wake of the global financial crisis, achieving best practice in managing and monitoring conflicts of interest is essential to maintaining public trust in the super industry," she said.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
