AIST welcomes conflicts of interest guide
|
|
The Australian Institute of Superannuation Trustees (AIST) has welcomed the decision by the Australian Prudential Regulation Authority (APRA) to issue a conflicts of interest guide for superannuation funds.
The regulator announced the release of the guide late last week, with APRA deputy chairman Ross Jones saying it would provide examples of trustee-specific conflicts and outline issues for consideration within a registrable superannuation entity’s conflicts of interest policy.
Commenting on the APRA announcement, AIST chief executive Fiona Reynolds said there was mounting evidence that the different way trustees were appointed and held accountable could make significant differences to the way they carried out their responsibilities.
“With the scrutiny being directed to superannuation funds in the wake of the global financial crisis, achieving best practice in managing and monitoring conflicts of interest is essential to maintaining public trust in the super industry,” she said.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
