Count to launch DIY super admin system
TheCount Financial Groupis set to launch a superannuation trustee administration platform in conjunction with Trust, the group created out of the merger betweenPermanent Trusteesand Trust Company of Australia.
Count managing director Barry Lambert says the administration platform will be aimed at do-it-yourself (DIY) superannuation funds and offer a number of options for those using it.
These will include the investment administration through Count’s badged BT wrap, Wealth-e-account, with Lambert saying the platform would continue in its normal role of record-keeping, but the trustee services will rest solely with Trust.
The system will be available to funds with their own trustee or those using an external trustee. Trust will be involved in the platform through the provision of all compliance and external trustee services.
Lambert says the fees for the service will be the same regardless of the trustee arrangement. The group has created the platform in a bid to ensure members of the Count group and their clients do not fall foul of the regulators policing the DIY superannuation funds industry, he adds.
The administration platform will be formally rolled out to Count advisers in April at the group’s annual conference, with a start date of July 1 this year.
At present, there are nearly 247,000 DIY superannuation funds in Australia with 99 per cent of those being self-managed super funds regulated by theAustralian Taxation Office(ATO), while the remainder is comprised of small APRA funds, regulated by theAustralia Prudential Regulation Authority(APRA).
Both APRA and the ATO have indicated they will look seriously at breaches of use within the funds and would take appropriate action.
AUTHOR
Jason Spits
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
