POWERED BY MOMENTUM MEDIA
Most wanted compulsory insurance code
Adherence to the Insurance inside Superannuation code of conduct should have been made compulsory, according to a majority of superannuation fund trustees and executives.
While the Insurance inside Superannuation Working Group (ISWG) opted for voluntary compliance, a survey conducted by Super Review during the Conference of Major Superannuation Funds (CMSF) in March revealed a significant majority of respondents believed it should have been compulsory.
Significantly, the Minister for Revenue and Financial Services, Kelly O’Dwyer had also signalled the Government’s preference for a compulsory code.
Asked whether they believed superannuation fund adherence to the Insurance within Superannuation code of conduct should have been compulsory, the survey, sponsored by EISS Super, revealed that 59.2 per cent of respondents answered ‘yes’ with 33.3 per cent answering ‘no’.
Despite the voluntary nature of the code of conduct, a majority of members of the Australian Institute of Superannuation Trustees (AIST) had indicated that they would be adhering to the code.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
