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
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
