AFA seeks clarity on super fund expenditure
The Association of Financial Advisers (AFA) has called for greater clarity around how the Australian Prudential Regulation Authority (APRA) would be expected to use its proposed increased powers around the reporting of superannuation fund expenditures.
The AFA has used a submission to the Treasury on industry codes in the financial sector to declare its support for the proposals around the reporting of superannuation fund expenditure.
It said this was important in the context of “members funds being spent appropriately and in a manner that is consistent with their interests”.
“We note that the powers include compelling third parties to provide information and we would therefore suggest that such a power be employed on a limited basis where material amounts are involved,” the submission said.
It said the explanatory memorandum around the proposed new legislation made no reference to how APRA might use such information.
“In our view, it is important for there to be greater clarity on the purpose for the collection of such information,” the submission said.
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