One regulator urged for all of super industry
A new survey has revealed strong support for the entire superannuation industry, including self-managed superannuation funds (SMSFs), to be overseen by one regulator.
The survey, undertaken by Money Management's sister publication Super Review during the recent Association of Superannuation Funds of Australia (ASFA) conference in Perth, revealed over three-quarters of respondents (75.5 per cent) believed there should be a single regulator for all types of super funds.
A similar number of respondents (74.4 per cent) also believed that while SMSFs were the fastest-growing segment of the superannuation industry, they were not being appropriately regulated.
The superannuation industry is currently subject to oversight by three regulators — the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO), with the ATO carrying responsibility for SMSFs.
The survey, sponsored by major insurer Metlife, also found a strong consensus among respondents that SMSFs should not be established with less than $200,000 as an account balance, with most believing the figure should be even higher.
Asked what they would regard as being the minimum amount needed to justify establishment of an SMSF, 29.5 per cent of respondents indicated $350,000 while 30.6 per cent indicated $500,000, with 19.3 per cent indicating $200,000.
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