Super industry urges Australians to keep faith
Nine of Australia’s peak industry bodies collectively known as the Superannuation Stakeholder Group have issued a joint communiquŽ, to reassure super members of the strength of the Australian superannuation industry during the financial crisis.
The communiquŽ ‘superannuation in the context of the global financial crisis’ is released as millions of superannuation statements will be sent to Australians over the next month.
The bodies making up the group include the Financial Planning Association (FPA), Association of Financial Advisers, Australian Institute of Superannuation Trustees, Association of Superannuation Funds of Australia, Australian Securities Exchange, CPA Australia, Industry Super Network and the Investment and Financial Services Association.
The group said for every market downturn there is a recovery.
“The question is, how soon will the recovery happen, and what should superannuation fund members do (or not do) in the meantime?”
It is important to recognise the strength of the Australian superannuation industry, which is in a much better position than that of many other countries, the group said.
It said “the strong regulatory framework in Australia, and the fact that trustees are in place for every superannuation fund to look after the interests of fund members, means that we expect funds and their members to be able to weather this storm and recover the value of our superannuation over time”.
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.
