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Will Govt quarantine SG from planner commissions?
Newspaper reports are suggesting that the Federal Government may move to ban financial advisers from charging commissions on investment advice relating to the 9 per cent superannuation guarantee.
A report, published in the Sydney Morning Herald, suggests that ministers have made an in-principle decision to impose the ban on what they regard as commissions being imposed on compulsory saving.
The rumoured Government move has already gained the backing of the Industry Super Network, which has been campaigning for such a policy initiative, but is expected to be vigorously opposed by key elements within the financial planning industry.
Senior industry figures participating in a Super Review round-table last year agreed that industry funds would be more amenable to commissions-based financial advice if it did not apply to the superannuation guarantee, particularly for fund members with low balances.
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, will tomorrow address the Money Management State of the Industry Breakfast.
AUTHOR
Mike Taylor
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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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