Criticism continues for First Home Saver Account
The peak body for the not-for-profit superannuation sector — the Australian Institute of Superannuation Fund Trustees (AIST) — is calling for feedback on the Government’s proposed First Home Saver Account initiative.
AIST believes the proposed account presents both opportunities and challenges for the not-for-profit super sector and has asked its members to consider a number of points.
AIST hopes discussion will be raised surrounding the new costs for super funds that will arise from the need to establish a separate trust to offer the accounts.
It also recommends a flat-percentage co-contribution for all income levels to assist lower income earners as well as a cap on fees and the exclusion of commission-based selling practices.
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.
