POWERED BY MOMENTUM MEDIA
Labor acknowledges commissions ‘problem’
Federal Opposition Leader Kim Beazley has acknowledged that commissioned-based financial advice represents a problem for the superannuation industry.
Questioned on his views of the results of the Australian Securities and Investments Commission’s (ASIC) latest shadow shopping exercise, Beazley described the commissioned-based arrangements as problematic but stopped short of saying how a Labor Government would address the problem.
Instead, Beazley said the commissions issue was something that would be addressed within the totality of Labor’s financial services policy approach.
In contrast, the Association of Superannuation Funds of Australia (ASFA) last week called on the super and financial advice industries to accept the ASIC results as a challenge to find an appropriate structure of payment for financial advice that does not influence the advice provided.
ASFA chief executive Philippa Smith said that either the potential conflicts of interest in commission-based advice had to be better managed or an alternative system of payments found.
“At the outset, industry and consumers need to acknowledge and accept that the provision of good advice takes skill and time, and those who provide it need to be properly rewarded,” she said.
AUTHOR
Mike Taylor
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
