Industry funds that look like platforms
Industry superannuation funds may not count themselves as being platforms, but some of them do have many platform-like attributes, according to the Australian Securities and Investments Commission (ASIC).
The regulator has used an answer to a question on notice posed during the House of Representatives Standing Committee on Economics review of ASIC to confirm the degree to which not for profit super funds can be regarded as platforms.
Answering a question from NSW Labor member, Matt Thistlethwaite ASIC said not for profit superannuation fund licensees “may operate funds that have platform features”.
“For example, AustralianSuper has a ‘Member Direct’ option available for those members who want more control and choice,” the regulator said. “This option gives access to direct shares, ETFs and term deposits in an online platform.”
It said that, similarly, CARESuper had a member direct option and funds such as Host-Plus offered access to individual fund managers.
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