SMSFs included in proposed superannuation forum
Self Managed Superannuation Fund (SMSF) representative bodies will be included in a forum being convened in an effort to create a common approach to superannuation policy in Australia.
The forum was flagged by the Association of Superannuation Funds of Australia (ASFA) last week in the aftermath of the Financial Services Council (FSC) announcing it had entered into a policy development arrangement with the Industry Super Network (ISN).
ASFA chief executive Pauline Vamos said the forum would be aimed at creating "a mechanism for dialogue between all industry bodies which have an interest in superannuation public policy".
She said ASFA had been advocating for a collaborative approach around the big picture policy issues and believed the "stage is set for the next level of collaboration amongst all interested parties, from the larger funds that they represent through to smaller funds, SMSFs, financial planners, actuaries, investment consultants and many more".
Vamos said her organization would be writing to all stakeholders to convene the forum which would act as a clearing house for policy discussion.
"It's important the industry shows policy makers and the community that it can work together to ensure our superannuation system is sustainable now and into the future, and delivers an adequate income for all Australians to live a comfortable retirement," she said.
Originally published by SMSF Essentials.
AUTHOR
Staff Writer
Recommended for you
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
