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Custodians role still important
The role of the custodian has broadened but remains fundamental to supporting the continued growth in the superannuation, wealth management and investment sectors.
The Australian Custodial Services Association (ACSA) chair David Braga said the scope of custodians and investment administrators had grown over the past decade to include a range of middle-office services such as maintaining accounting records, tax reporting, compliance, performance monitoring, unit registry services and fund reporting.
“Custodians are the safe keepers of over $2 trillion of assets owned by Australian investors, and their role in facilitating Australia’s financial sector well-being is important as the sector continues to grow, fuelled by compulsory superannuation,” Braga said.
“Custodians have a unique voice that needs to be heard in the debate across the financial sector. We are not proactively pushing policy direction; however we do have the best knowledge of the practical reality of running the large complex fund structures required to support Australians’ savings and investment aspirations,” he said.
Braga said 2013 was a busy year for ACSA members, highlighted by the Stronger Super Task Force and its ongoing work with Australian Prudential Regulation Authority to ensure smooth implementation of MySuper reporting requirements.
Looking ahead to 2014, Braga outlined several key initiatives that ACSA will focus on, including implementation of Stronger Super and RG133 reforms and engagement with the ATO on taxation changes, including the Managed Investment Trust reform and electronic filing.
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