POWERED BY MOMENTUM MEDIA
Warning for funds to self-regulate on governance
Superannuation funds risk government intervention unless they self-regulate on governance, according to outgoing Association of Superannuation Funds of Australia (ASFA) chairman Tony Lally.
Addressing the ASFA National Conference in Perth yesterday, Lally said self-regulation by funds on governance was preferable to government intervention.
“It is important to arrive at a system of self-regulation if we are not to risk having it imposed by Government,” he said.
However he said that where fund trustee directors were concerned it was important to have those with a deep understanding of the members working alongside those who had a deep understanding of the investment, regulatory and business environment.
Lally, the former chief executive of Sunsuper, said superannuation funds also needed to look to the next big challenge for the industry - the delivery of effective retirement incomes in the context of the massive flow of assets into the post-retirement phase over the next 20 years.
He said that addressing retirement incomes adequacy represented a critical issue for both the Government and regulators.
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(%)
