POWERED BY MOMENTUM MEDIA
Industry funds back league tables
The Industry Super Network (ISN) has called on the Australian Prudential Regulation Authority (APRA) to begin the immediate publication of fund level performance data.
ISN executive manager David Whiteley said the data was needed to provide consumers with independent information to guide fund choice and that the recent publication of 2008-09 super returns by private ratings agencies highlighted this need.
He said he had a number of concerns regarding the reliance of consumers and the media on league tables produced by private agencies, including the use of different methodologies, the tendency by some funds to shop around for preferred methodologies and the race by ratings agencies to publish their data first.
Whiteley said he was also concerned about the increasing emphasis on monthly returns.
He said few would argue that an increased level of engagement from superannuation members was desirable and that official, objective performance data was an important step to achieving such a goal.
AUTHOR
Mike Taylor
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