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The chief executive of the Association of Superannuation Funds of Australia (ASFA), Pauline Vamos, has sought to defend and clarify her organisation’s support for intra-fund advice in the face of criticism from within the financial planning community.
Vamos used an address to an ASFA luncheon in Sydney this week to acknowledge that her organisation had received substantial negative feedback from the financial planning community about ASFA’s support for intra-fund advice.
Vamos earlier this month welcomed the Government’s announcement of its approach on intra-fund advice describing it as a victory for common sense, but on Monday made clear that the actual formula ultimately adopted by the Government was not entirely reflective of the submission put by ASFA.
As well, she said ASFA would be making further submissions with respect to implementation issues attaching to the new intra-fund advice regime.
