POWERED BY MOMENTUM MEDIA
ASIC looks to super funds as advice providers
The Australian Securities and Investments Commission (ASIC) expects that it will be superannuation funds which deliver most advice to low-balance clients.
Asked about whether advice was becoming less affordable in the wake of the Royal Commission and other regulatory changes, ASIC pointed to advice inside superannuation.
Giving evidence before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC commissioner, Danielle Press pointed to superannuation funds as being the likely conduit for advice delivery.
Under questioning from former financial adviser and Queensland Liberal back-bencher, Bert Van Mannen, Press said the regulator was aware of unfilled advice needs and the changes to the system.
“Advice in superannuation as well, and I believe that much of advice that lower income Australians will receive is through their superannuation fund,” she said.
“Super funds both industry and retail have been providing advice for a long time,” Press said.
Recommended for you
The RBA’s new monetary policy board has delivered its first rate decision.
While the RBA has made moves during past election campaign periods, it typically treads carefully to avoid stirring political waters.
The FSU has branded AMP’s confirmation that it will not use surveillance and monitoring on employees in their homes a “win” for the union.
While Australia’s disinflation process remains on track, market experts see the RBA keeping rates unchanged at next week’s meeting.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
