Industry funds on guard
A conference of industry superannuation funds has been warned of the implications of a minority Coalition Government for the not-for-profit sector.
The chairman of the Australian Institute of Superannuation Trustees (AIST), Gerard Noonan warned a Coalition Government might comb the findings of the Cooper Review to map out a way to disadvantage the not-for-profit sector.
He added the higher super guarantee would also be in jeopardy while planner commissions would remain in place.
Noonan said in these circumstances, industry funds needed to be on guard until a more settled position eventuated in the Senate next year.
He also claimed there was a need for fund managers to review their fee structures to take account of the changes wrought in the aftermath of the global financial crisis.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
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.
