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APRA does not rule out naming under-performing funds

The Australian Prudential Regulation Authority (APRA) has not ruled out naming laggard superannuation funds.

In a tough address to the Conference of Major Superannuation Funds (CMSF) on the Gold Coast, APRA deputy chair, Helen Rowell said that while the regulator might not be currently naming persistently under-performing superannuation funds, this would not necessary continued to be the case.

She said APRA had not named under-performing funds because of the potential negative impact on members, but added “for now”.

Rowell signalled to superannuation fund trustees attending the conference that they would soon be receiving a letter from APRA outlining the regulator’s tough new expectations.




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If I was AMP and the 4 Banks, I would
1) Find a way of getting rid of advisers and taking the policies back without having to compensate the Financial Planners - thanks RC and banning grandfather commissions, ASIC for the look back, review of fees under the sole purpose test, FASEA,etc - the list goes on. Just keep on about conflicted this, conflicted that etc. That should do it.
2) Ask for CGT/CentreLink Grandfather relief (FSU is on it) and move all old and old adviser products to a nice MySuper offer. Tell the Govt and public that we are being good and doing what the RC required. Now, all the money is in one place. Great so far.
3) Charge a small fee to everyone and set up a couple of floor of call center staff - get the money rolling in under Inter-fund advice. Now, good result as all that compliance and SOA etc that had to be done with a Financial Planner is now one simple phone call.
4) Regulators want better returns - APRA cop this. Move all Fixed Interest into corporate debt/private equity, anything just call it a defensive defensive. Put in some venture capital (unlisted of course). Un-list ALL of the property/infrastructure assets.
Now, someone like AMP would have a very good base to start with a unit price of 1.00. We all know the Industry Funds have over inflated their unlisted asset values so, just push the prices up and up. Should be able to outperform any Industry Fund for the next 15 years easy.
If ASIC comes knocking on the door tell them, sorry mate, just doing the same thing as Industry Super.
That's how I see it.

This made me laugh, thank you.

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