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ASIC to conduct intra-fund advice surveillance
The Australian Securities and Investments Commission (ASIC) will conduct a surveillance of intra-fund advice.
The surveillance has been confirmed by ASIC deputy chairman, Peter Kell, who told the Association of Superannuation Funds of Australia (ASFA) conference the regulator was keen to better understand what was being delivered in the intra-fund advice environment.
He said it would be a comprehensive review which would also be looking at the technology being used to deliver intra-fund advice, how well it was working and whether funds were seeking deliver transition to retirement advice under the intra-fund advice label.
Kell said ASIC would be conducting on-site visits and seeking to drill down on the type of advice being provided.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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