Funds inconsistent on transparency
The Australian Securities and Investments Commission (ASIC) has identified "pockets" of superannuation trustees who are failing to comply with the regulator's tougher transparency requirements evolving out of the Stronger Super changes.
In a survey analysis of compliance with the changes released this week, ASIC pointed to an industry which had broadly headed in the right direction, but which was still struggling to uniformly fall in line.
ASIC commissioner, Greg Tanzer said the survey had indicated that superannuation trustees generally seemed to have understood what was intended with the transparency reforms and had made a good effort to comply.
However, he noted there "were pockets of non-compliant trustees who appear to have struggled with the new requirements".
In some instances we could not find any websites for funds', Mr Tanzer said.
Among some of the shortcomings identified in the ASIC survey were that some funds were not disclosing the length of time trustee directors and senior managers were serving on boards, executive remuneration, or the payment of executive remuneration to other organisations.
The survey also found inconsistencies with respect to how funds were reporting how directors had voted on listed share issues.
Recommended for you
The major changes to the proposed $3 million super tax legislation have been welcomed across the superannuation industry.
In holding the cash rate steady in September, the RBA has judged that policy remains restrictive even as housing and credit growth gather pace.
A new report warns super funds must rethink retirement readiness as older Australians use super savings to pay off housing debt.
An Australian superannuation delegation will visit the UK this month to explore investment opportunities and support local economic growth, job creation, and long-term investment.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
