Industry funds have been warned against resting on their laurels just because they emerged largely unscathed from the Royal Commission.
The chief executive of Australian Super, Ian Silk told the opening plenary of the Conference of Major Superannuation Funds (CMSF) on the Gold Coast that there was no room for “triumphalism” just because not profit to member funds had been referred to the regulators by the Royal Commissioner, Kenneth Hayne.
“The fact that industry funds emerged largely uncriticised is no cause for triumphalism,” he said. “The fact that not found to have done anything significantly wrong should be the minimum standard,” he said.
“There is no place for complacency or hubris. The retail sector may regroup albeit that their business model makes that a challenge,” Silk said.
The AustralianSuper chief executive also asked profit to member superannuation funds to question whether they were doing the best for their members in terms of services and returns to members.
“Are we capable of providing the new services and products, including retirement products that members will need,” he asked.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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