ASIC reviews super
Superannuation fund's annual reports, compliance and complaints procedures will come under scrutiny by the Australian Securities and Investments Commission (ASIC) as part of a month long review.
Superannuation fund's annual reports, compliance and complaints procedures will come under scrutiny by the Australian Securities and Investments Commission (ASIC) as part of a month long review.
ASIC national compliance manager Ann Exline Starr says the review has not been driven by any industry forces but rather the sheer scale of funds and clients in-volved.
"This is a newly regulated area by ASIC and with nine million people and over $47.3 billion of funds contributed in 1998 alone it is an important component of personal savings."
"The National Compliance Unit's responsibility will be for a campaign for industry and clients, on a proactive basis, which will be educative and not expressly looking for breaches in regulation."
The compliance unit will examine if super funds are meeting their legal require-ments and if members are capable of understanding documents from the funds.
The unit will also report any irregularities to ASIC or to the Australian Prudential Regulation Authority (APRA) if further action is deemed necessary.
The review will involve on site visits with trustees and administrators in concert with APRA visits to minimise any disruptions to the super funds.
AUTHOR
Jason Spits
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
