POWERED BY MOMENTUM MEDIA
ACSA takes aim at ASIC paper 197
Increasing the disclosure requirements on super funds to include precise itemised content would increase costs for members, according to the Australian Custodial Services Association (ACSA).
It said the trend would be a complex process that would ultimately be worn by the member.
It is currently working on a series of consultation papers to ensure the industry body can "get it right for the mums and dads of Australia", according to ACSA chair Pierre Jond.
He said 2013 would bring unprecedented change to the entire financial services industry and increase the profile of custodians.
The papers focus on the Australian Securities and Investments Commission (ASIC) consultation paper 197 and a number of proposed changes to Australia's custody industry, including calls for custodians to act as gatekeepers.
ACSA said elevating custodians to the position of regulator would be confusing and complicated.
"ACSA believes this raises a number of questions such as the necessity of multiple watchdogs, and may confuse the obligations of the custodian to the responsible entity, and complicate the relationship between these two parties," it said.
ACSA was also opposed to the idea of changing the title of custodians to something else, as it would put Australia at odds with its global peers.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The pace of economic growth in Australia is expected to “grind higher over coming quarters” off the back of lower inflation, falling interest rates, and a robust labour market, Deloitte has said.
The superannuation sector has welcomed confirmation that a controversial US tax provision will be removed.
A new analysis from environmental finance group Market Forces has reportedly discovered that AustralianSuper is on the b...
Treasurer Jim Chalmers has held talks with US Treasury Secretary Scott Bessent, intensifying efforts to resolve concerns over section 899 of the proposed “Big Beautiful Bill” in the United States.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
