Parliamentary Inquiry being questioned
The value of a Parliamentary Inquiry, the terms of reference of which appear to favour retail superannuation funds over their industry counterparts, is being questioned by the Association of Superannuation Funds of Australia (ASFA).
ASFA chief executive Philippa Smith said she found the calling of the inquiry, to be chaired by South Australian Liberal Senator Grant Chapman, puzzling in circumstances where most of the issues had already been extensively reviewed by other inquiries.
“The terms of reference for the inquiry seem somewhat odd when most of the issues have been dealt with elsewhere,” she said. “It represents a distraction when you consider that most funds are trying to bed down the changes announced in the Budget.”
The Parliamentary Inquiry has caused consternation in some quarters of the superannuation industry because its chairman, Senator Chapman, in 2004 used parliamentary privilege to accuse leading industry superannuation funds organisation Industry Fund Services (IFS) of a range of failings, including poor accounting standards and a lack of transparency — claims strenuously denied by IFS.
AUTHOR
Mike Taylor
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
