POWERED BY MOMENTUM MEDIA
Call for single super regulator
Self-managed superannuation funds (SMSFs) should join all other superannuation funds under the jurisdiction of the Australian Prudential Regulation Authority (APRA), according to participants in a Super Review/Money Management roundtable.
Virtually all participants of the roundtable, which was conducted during the Association of Superannuation Funds of Australia (ASFA) conference in Perth and sponsored by Metlife, agreed that leaving SMSFs separated from other funds and under the oversight of the Australian Taxation Office (ATO) was inappropriate.
ASFA chief executive, Pauline Vamos set the tone by saying the entire system for regulating superannuation funds needed to be reviewed.
"And the reason I say that is that regulation is not so much about rules any more, its about managing risk," she said.
"And when you are a regulator you need to be able to understand systemic risk, environmental risk and operational risk and you need to be able to assess it across the whole industry," Vamos said. "And with such a big proportion of the money held in SMSFs you're just not going to get a good risk profile of the industry."
She said that that factor alone was enough of a reason to bring regulation of superannuation under one body.
The chairman of NGS Super, Jeff Newcombe agreed with Vamos and said that if the regulatory oversight of superannuation flowed within one organisation there would be more consistency and better levels of compliance.
Deloitte partner, Russell Mason said he had believed for many years that all superannuation funds should be regulated by one regulator and that the most appropriate body to undertake that task was APRA.
"They (APRA) have the experience while the ATO is a collector of revenue," he said.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
