POWERED BY MOMENTUM MEDIA
New commission should balance differing government policy objectives
The Actuaries Institute has called for the establishment of an independent commission to balance policy objectives between government bodies and to promote better outcomes in Australia’s financial systems.
The call came in the Actuaries Institute submission to the Financial Systems Inquiry which stated that the establishment of a Financial System Policy Commission (FSPC) would act as a 'third umpire’ but remain independent of government to ensure optimal policy outcomes.
The Actuaries Institute stated the FSPC would be involved in policy discussions between the Australian Prudential Regulatory Authority, The Australian Securities and Investments Commission, The Reserve Bank of Australia, Treasury and the Australian Tax Office.
However the FPSC would not take a lead role but balance the views of these bodies and act as an umpire when intersecting policy decisions of the various bodies needed to be clarified or resolved.
“It is acknowledged that the Commonwealth Treasury has the primary role in formulating financial sector policy and is the key economic adviser to the Treasurer. We are not looking for more regulation, just more efficient regulation with a long-term focus,” the Actuaries Institute stated.
“The FSPC would not assume those roles but could function in a similar manner to the Australian Government Productivity Commission which is the Government’s independent research and advisory body on all aspects of microeconomic reform.”
AUTHOR
Jason Spits
Jason has been writing on financial services since 1999 and has worked for on a number of trade media titles in both a full time and freelance capacity. He joined Money Management and Super Review in 2013 in the role of Senior Journalist.
Recommended for you
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.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
