POWERED BY MOMENTUM MEDIA
Tell us who is problematic says AIST
Superannuation funds should be provided with a breakdown of which areas of the industry are proving most problematic for the regulators, according to the Australian Institute of Superannuation Trustees (AIST).
In a submission filed with the Treasury in response to the proposed Financial Institutions Supervisory Levies, the AIST has echoed the Association of Superannuation Funds of Australia (ASFA) in calling for greater transparency around how the levies are actually being spent.
“AIST strongly recommends that any risk-based approach to levy raising should take into account the volume of regulator activities spent on various entities and sectors,” the submission said. “We continue to maintain this position and believe that any Cost Recovery Impact Statement (CRIS) and the outcomes of the regulator performance framework should contain this information.”
The AIST argued that, currently, there was no breakdown of which sectors within a superannuation system worth over $2 trillion were causing greater regulatory focus.
“Regulator comments have been made that organisational cultures and remuneration structures do drive outcomes,” it said. “The collection of such data and the consequent raising of levies is important to both protecting members and ensuring regulator accountability and efficiency.”
“AIST recommends that such data could be collected and classified using the APRA categories (not-for-profit and retail, etc).”
Recommended for you
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Our biggest problem is getting data from brokers, share registries and banks. We have the platform to automate all the data and reduce year-end tax return and audit fees. We would like to see the fees on the way down, especially for SMSF's where the trustees are pensioners.
Add new comment