POWERED BY MOMENTUM MEDIA
Regulators need to get their act together on data and information
Superannuation funds should only have to provide data to the regulators once – not multiple times.
That is the message being delivered by the Association of Superannuation Funds of Australia (ASFA) which has used a submission to the Federal Treasury to argue that it be made mandatory for regulators such as ASIC and the Australian Prudential Regulation Authority (APRA) to “collaborate on the collection of data and broader communication with the industry”.
It said that the objective should be that data and communication is reported only once through centralised, consistent, points of data collection and access or shared by the relevant regulators and other agencies as necessary.
“Currently regulators can communicate or request the same thing from superannuation providers at the same time,” the ASFA submission said. “This is highly inefficient and increases risks and costs significantly.”
“Ultimately it is superannuation fund members who pay for these additional costs, for little discernible benefit,” it said.
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(%)
