APRA should rate fund performance: Minister
Nick Sherry
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has signalled that he would like the Australian Prudential Regulation Authority (APRA) to publish definitive data on Australia’s best and worst superannuation funds.
Addressing a Pensions and Investment Summit on the Gold Coast, Sherry said that while private ratings houses published their analysis of the top 100 performing funds, he would like to see data published with respect to the bottom 100 performing funds.
He said that publication of such data should also be accompanied by a sophisticated analysis of why the good or adverse performance had occurred.
“Given the choice environment, they (consumers) are entitled to know what the bottom line performance of a fund is,” Sherry said. “Information is power and it is very important that they have it.
“And I believe strongly that APRA is the appropriate organisation to provide that information,” he said.
The minister’s comments follow recent criticism directed at the quality of data provided by APRA, which has acknowledged that it has not always been able to gather all the data that is required.
AUTHOR
Mike Taylor
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
