The Federal Opposition has strongly questioned not only the value of the Australian Prudential Regulation Authority’s superannuation league tables, but the right of the regulator to produce them.
The Federal Opposition Whip and member of the Ripoll inquiry, Senator David Bushby, told an Investment and Financial Services Association breakfast he believed the league tables were flawed and inappropriate.
He said APRA itself had acknowledged shortcomings in its data and in these circumstances he believed no information would be better than incomplete information.
“The data is incomplete and inappropriate as a tool,” he said.
As well, he said he knew of no other regulator that had been empowered to produce league tables on investment returns.
For his part, the chair of the Ripoll inquiry, Bernie Ripoll, said the financial services licensing system needed reviewing.
He said those holding licences needed to be appropriately qualified to deliver the services on offer.
