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Poorly governed funds should pay more for ASIC funding: ISA
Well-governed industry super funds that have outperformed the for-profit sector should not be levied the same as retail funds including those owned by banks, a super body believes.
Industry Super Australia (ISA) said it would support the shift in funding for the Australian Securities and Investments Commission to a user-pays model if the levies are tiered to reflect risk profiles and required levels of supervision.
Commenting, ISA chief executive, David Whiteley said "why should Australia's 30 industry super funds have to pay the same levies as the bank-owned retail super funds, which have been plagued by poor governance?"
"The new funding model should distinguish business models which give rise to greater risks to investors and consumers and require greater attention from the regulator," Whiteley said.
ISA noted the Federal Government's consultation paper proposed tiered levies for super funds depending on their size (based on funds under management) whether for-profit or not-for-profit.
"Any risk assessment must surely recognise the succession of scandals involving the bank-owned and retail wealth sector, which continues to receive commissions and other forms of conflicted remuneration. Any user pays levies imposed should reflect this," he said.
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