Sherry foreshadows announcement
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has foreshadowed that he will soon be announcing details of the formal review of superannuation costs.
Sherry has used an address to an Association of Superannuation Funds of Australia function in Canberra to flag that the Government is close to making an announcement.
Discussing superannuation, he said some important challenges lay ahead for the Australian superannuation system and the key issue for the Government was maintaining the safety, stability and efficiency of this system.
“While the Australian superannuation system is strong, stable and continues to deliver, there is still scope for improvement,” he said. “It’s high time we took a long, hard look at the operation, structure and cost of our superannuation industry.
“We need to consider these issues across all sectors of the industry — corporate, public sector, industry and retail, as well as the self-managed superannuation fund sector,” Sherry said. “Any examination should be conducted in a thorough, open, transparent and highly engaged manner. I will have more to say about this shortly.”
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
