Industry Funds Services (IFS) is canvassing the prospect of expanding the definition of intrafund advice.
IFS chief executive, Cath Bowtell has told a financial planning session at the Conference of Major Superannuation Funds that the need for an expanded definition was already being canvassed and discussed in the context of the reality confronting superannuation funds.
She said the discussion around expanding the definition was being held in the context that the minute a spouse’s position came into the intra-fund advice discussion the rules changed.
“You become exposed to the full regulatory regime,” Bowtell.
She said the issue of prosecuting a campaign around expanding the definition was being pursued because of the current needs of members and it being a good time to go back to policy-makers and regulators.