POWERED BY MOMENTUM MEDIA
ASIC asserts its reach into superannuation
The Australian Securities and Investments Commission (ASIC) has sent superannuation fund trustees a clear reminder of its increased power to deal with superannuation issues after 30 June, this year, including the requirement for all superannuation fund trustees to hold an Australian Financial Services License.
In a commentary published to coincide with the Association of Superannuation Funds of Australia national conference, ASIC said it had written to all superannuation fund trustees to explain the changes and was currently updating its public record for the licenses.
“Non-public offer fund trustees will no longer be exempt from holding an AFS [Australian financial services] licence to deal in financial products, and will need to apply for an AFS licence to deal in superannuation and provide a superannuation trustee service,” it said. “We encourage all trustees of non-public offer funds that need to apply to ASIC for an AFS licence (or to vary their existing AFS licence) to do so by 30 April, 2021, at the latest.”
ASIC said that the new powers filled gaps in its existing jurisdiction and would ensure that conduct obligations in the Corporations Act – including the need to act efficiently, honestly and fairly – apply to trustee activities relating to operating a superannuation fund.
“This means that ASIC will have a greater ability to scrutinise trustees, including how trustees oversee service providers, how they design and review their compliance systems, and how they handle insurance claims,” it 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(%)
