Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Industry funds warned against post-RC hubris

13 March 2019
| By Mike |
image
image image
expand image

Industry funds have been warned against resting on their laurels just because they emerged largely unscathed from the Royal Commission.

The chief executive of Australian Super, Ian Silk told the opening plenary of the Conference of Major Superannuation Funds (CMSF) on the Gold Coast that there was no room for “triumphalism” just because not profit to member funds had been referred to the regulators by the Royal Commissioner, Kenneth Hayne.

“The fact that industry funds emerged largely uncriticised is no cause for triumphalism,” he said. “The fact that not found to have done anything significantly wrong should be the minimum standard,” he said.

“There is no place for complacency or hubris. The retail sector may regroup albeit that their business model makes that a challenge,” Silk said.

The AustralianSuper chief executive also asked profit to member superannuation funds to question whether they were doing the best for their members in terms of services and returns to members.

“Are we capable of providing the new services and products, including retirement products that members will need,” he asked.

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

4 weeks ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 2 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 6 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND