No APRA data on commissions in superannuation
The Australian Prudential Regulation Authority has conceded it has never collected specific data on the issue of how commissions impact superannuation fund balances.
Responding to a question on notice from Tasmanian Liberal Senator David Bushby, the regulator said it "does not collect data on commissions paid by superannuation funds as part of its current statistical collection".
Bushby had used a Senate Estimates Committee hearing to ask APRA officials whether they knew the degree to which commissions impacted superannuation fund balances.
"Do you have a feel for the percentage of funds that come in - particularly the retail funds - that attract commissions?" he asked.
The degree to which commissions affect superannuation fund balances represented a central element of the Industry Super Network's "compare the pair" advertising campaign, but was reliant on research from commercial ratings houses such as SuperRatings.
Recommended for you
The Assistant Treasurer has reaffirmed the government’s commitment to strengthening retirement outcomes, consumer protections and cyber resilience in superannuation.
The industry super fund has advanced reconciliation efforts with a new initiative focused on improving outcomes for First Nations members.
The regulator has announced fresh legal actions in relation to the Shield and First Guardian fund failures.
The Gateway Network Governance Body has unveiled a detailed roadmap to guide the superannuation industry through the upcoming Payday Super reforms.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
