Opposition wants FOFA zeal applied to superannuation governance
The Federal Government needs to apply the same zeal to superannuation fund governance that it applied to its "over-egged" Future of Financial Advice (FOFA) changes, according Tasmanian Liberal Senator David Bushby.
Bushby has written to a national daily newspaper criticising both the Government and the Australian Prudential Regulation Authority (APRA) for their approach to superannuation.
He claimed the Government had dragged the chain on super fund governance and Fair Work Australia default reforms, "yet it could find the time to work with inspirational zeal to curb financial planner practices via its over-egged Future of Financial Advice package".
"How it could be so lopsided in its approach is beyond belief," Bushby said.
"As for APRA, it needs to take a leaf out of its soon-to-be-released super governance reforms, and make its own actions more accountable and transparent," the Senator said.
"APRA continues to defy Senate orders by not answering questions which have been placed on notice.
"So far it has failed to provide full answers on questions (some of which were put in last year) on Trio, Motor Trades Association of Australia and multiple directorships.
"Also (on) time taken to process super benefits, trends in super fund cost structures, APRA salary structures and overseas staff travel costs."
Bushby's letter claimed that if APRA could not answer simple questions, then the Minister had the power to intervene and order it to co-operate with the Senate - and it was time for him to do so by exercising some leadership.
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
