POWERED BY MOMENTUM MEDIA
Get general advice out of super say survey respondents
A significant section of the superannuation industry would welcome a change to the regulatory structures to ensure greater management independence within superannuation banks owned by the major banks, according to a survey conducted by Super Review.
The survey, conducted during the recent Association of Superannuation Funds of Australia (ASFA) conference in Adelaide, revealed nearly three-quarters of respondents believed a regulatory change was needed following evidence delivered to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The survey also revealed a strong belief that bank staff should be precluded from ‘selling’ superannuation products under the label of “general advice”.
The survey revealed that 71.4 per cent of respondents agreed that, given the evidence heard during the Royal Commission, changes were warranted to the manner in which superannuation funds operated within banks’ vertically integrated structures.
On the allied question of whether bank staff should be permitted to “sell” superannuation to clients under the label of general advice, 85.7 per cent of respondents answered “no”.
The survey results have been released just days after the Royal Commission would up its hearings in Melbourne on Friday, with the Commissioner, Kenneth Hayne, scheduled to deliver his findings and recommendations in February.
Recommended for you
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.
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(%)
