Perpetual’s Deverall and Savage support FOFA changes
Perpetual’s outgoing managing director, David Deverall and its retiring chairman, Robert Savage have backed both the Future of Financial Advice reforms and the Cooper Review’s MySuper proposal.
The two men have used their final annual report statements to also endorse the lifting of the superannuation guarantee to 12 per cent and to suggest that the rapid growth in self managed superannuation funds (SMSFs) is a reflection of people’s desire to take charge of their financial wellbeing.
They not only supported key elements of the Cooper Review but the Future of Financial Advice (FOFA) advice reforms saying the initiatives were in line with "the long-standing principles at the core of Perpetual's approach to financial advisory services".
"Our expertise in fiduciary duties would also confirm us as a thought leader in an industry where such duties could find wider application," they said.
The pair said the proposal to increase mandatory employer superannuation contributions to 12 per cent of salary by 2020 and establish MySuper as a default fund would help ensure minimum standards for everyone who contributes to superannuation, even if they were not actively engaged in how their retirement savings were managed.
Deverall will retire as chairman of the Financial Services Council when he hands over the reins of Perpetual to his successor.
AUTHOR
Mike Taylor
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
