POWERED BY MOMENTUM MEDIA
Intra-fund advice MySuper’s weakness, says AFA
The Association of Financial Advisers (AFA) has called for specific disclosure requirements to be put in place for intra-fund advice, calling this feature a fundamental weakness in the MySuper legislation.
The AFA has used its submission on the Future of Financial Advice (FOFA) amendments to express concern about intra-fund advice that is covered by a superannuation fund’s administration fee.
It is calling for this type of advice to either be limited to general advice or become subject to “separate and specific disclosure so that members who have received financial advice from the fund during the year truly understand how much they are subsidising the provision of financial advice to other members of the fund”.
“We consider the non-disclosure of intra-fund advice fees to be a fundamental weakness in the MySuper legislation,” the AFA said in its submission.
“If transparency was a central objective of the FOFA legislation then it should also be applicable to MySuper.”
The AFA also used its submission to express support for most of the amendments proposed by the Government, such as the removal of the opt-in requirement and amendments to the best interests duty.
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
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(%)
