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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
