POWERED BY MOMENTUM MEDIA
RC delay to help super industry to focus on members
The Association of Superannuation Funds of Australia (ASFA) has welcomed the deferral of Royal Commission implementation, having previously advocated for a delay.
The association said the superannuation industry, in particular, had been heavily involved in the COVID-19 pandemic as a result of the early release of super measures.
ASFA said in a statement: “Superannuation funds have dedicated their focus towards effectively delivering the vital services their members need at this difficult time. This sensible deferral by Government will ensure funds can continue to focus on supporting the immediate needs of their members.
“Maintaining the stability of the superannuation system over the course of the pandemic has been paramount, especially while administering over $9 billion in early release of super payments to more than one million Australians.”
The implementation of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was deferred last week to allow firms to deal with the economic fall-out of the COVID-19 pandemic.
Recommendations due in June would be deferred until December while those which had been due in December would be deferred until 30 June, 2021.
The delay would also allow the Government to assess if the industry’s handling of the pandemic had impacted any Royal Commission recommendations or if anything could be learnt from it, ASFA said.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Australia’s neutral cash rate may lie above pre-pandemic levels, driven by rising productivity outside of the mining industry.
Nominations and submissions have opened for this year’s Super Fund of the Year Awards.
The industry body has cautioned the government against implementing unnecessary regulations for private market investments, with ASIC currently exploring reforms in this space.
The industry fund has appointed Natalie Alford as its new chief risk officer, strengthening its executive team during a period of transformation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
