POWERED BY MOMENTUM MEDIA
Super consumer advocacy body EOI opens
The government has opened an expressions of interest (EOI) process towards establishing a consumer advocacy body for superannuation.
An announcement from the Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, said the body would fill a “critical void in superannuation policy debates by becoming the voice of consumers”.
The announcement noted it was also a key recommendation of the Productivity Commission’s report ‘Superannuation: Assessing Efficiency and Competitiveness’, which found that super discourse was dominated by interests of funds and trustees rather than members.
The EOI would be open until 13 January, 2020 and interested parties would be able to provide feedback on how the body should be established and funded, its functions, and its governance and accountability arrangements.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
