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Risk experts welcome RC report
The Actuaries Institute has joined the chorus welcoming the Royal Commission’s final report, saying that it looks forward to assisting the Financial Service Reform Implementation Committee in rolling out the recommendations.
“The Institute fully supports the cultural change that has been advocated by the Royal Commission and demanded by the public,” Institute chief executive, Elayne Grace, said.
“The report examines some enormously complex issues and the Institute will take measured steps to assess the recommendations and determine how the actuarial profession can help industry achieve better outcomes for consumers.”
Grace believed that the organisation and its members would bring expertise in managing risk, including cultural and non-financial risk, to the implementation.
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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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