POWERED BY MOMENTUM MEDIA
ASFA pleased with FOFA’s intra-fund definition
The Association of Superannuation Funds of Australia (ASFA) is pleased the draft Future of Financial Advice (FOFA) legislation does not change the definition of intra-fund advice.
It said fund members would continue to have access to the service because of the non-narrowing of the definition.
"ASFA has long said that the cost of this service should not have to be met directly by the member, but instead should be able to be paid for collectively across the fund or fund division," ASFA chief executive officer Pauline Vamos said.
"We are pleased that the draft legislation contains measures that do not prevent this."
Under intra-fund advice, a superannuation trustee can provide advice to members where the cost of the advice is shouldered by all members of the fund.
A registrable superannuation entity (RSE) licensee could offer intra-fund advice to members of the fund after 1 July 2013 under the Stronger Super reforms.
Vamos said ASFA would review the draft legislation in detail and consult with the Government on the final legislation.
"One of the key pillars of our superannuation system is ensuring people can get the most out of their superannuation. At the very least, this includes access to basic advice that helps them make simple decisions regarding their accounts," she said.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
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(%)
