POWERED BY MOMENTUM MEDIA
Super is a long-term game: ASIC
Trustees must do a better job of communicating the long-term nature of superannuation to their members, says Australian Securities and Investments Commission commissioner, Greg Tanzer.
Addressing the Conference of Major Superannuation Funds (CMSF) in Brisbane, Tanzer said superannuation was a long-term investment but much of the discussion in the industry was about the short term.
"We need to be discussing the long-term objectives," he said.
In doing so, Tanzer signaled ASIC might be prepared to provide further relief around retirement estimate calculators, saying it was something the regulator might be able to "tweak".
He said he believed trustees could do more to emphasis the long-term nature of superannuation.
This might include the provision of better tools and emphasising 10-year returns over one-year returns.
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
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
