POWERED BY MOMENTUM MEDIA
ASIC wants more of the super pie
Rollover notes that the still somewhat new chairman of the Australian Securities and Investments Commission, James Shipton, chose the recent Financial Services Council Leaders Summit in Melbourne to indicate the corporate watchdog wants a bigger piece of the superannuation pie.
In an address titled “The trust deficit in superannuation” the ASIC chairman outlined six areas which he said represented examples of conduct he believed were contributing to the trust deficit in superannuation.
Top of the list was taking advantage of consumer disengagement and lack of knowledge, followed by misleading promotions that prioritised misleading promotions that prioritised marketing over accurate disclosure and then generally poor treatment of consumers.
Seems Shipton’s comment should be interpreted as a precursor to ASIC getting more closely involved superannuation product distribution with more than a passing glance at insurance inside superannuation.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
Recommended for you
With rainy weather abound in Sydney, Rollover was sat in front of his TV watching the smorgasbord of niche documentaries free-to-air has to offer.
As a history buff, Rollover is well-aware of the importance of the role the vanguard plays in a military force, as the leader at the front of battle.
Now that crypto investing is mainstream, with Rest Super announcing it will put a portion of its funds into it, Rollover wonders whether his grandkids will think he is hip when he shows them his crypto balance in his new digital wallet.
Rollover is almost as fascinated by superannuation fund mergers as the deputy chair of the Australian Prudential Regulation Authority (APRA), Helen Rowell.
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(%)
