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
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.
