Criticism continues for First Home Saver Account
The peak body for the not-for-profit superannuation sector — the Australian Institute of Superannuation Fund Trustees (AIST) — is calling for feedback on the Government’s proposed First Home Saver Account initiative.
AIST believes the proposed account presents both opportunities and challenges for the not-for-profit super sector and has asked its members to consider a number of points.
AIST hopes discussion will be raised surrounding the new costs for super funds that will arise from the need to establish a separate trust to offer the accounts.
It also recommends a flat-percentage co-contribution for all income levels to assist lower income earners as well as a cap on fees and the exclusion of commission-based selling practices.
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.
