Financial planners get voice at superannuation roundtable
The financial advice industry may have been denied a significant voice in consultations around the Stronger Super changes, but it has been given a solid voice on the Government's forthcoming superannuation roundtable.
The central voice for the financial planning industry will be Financial Planning Association chief executive Mark Rantall, but as well, there will be SMSF Professionals Association chief executive Andrea Slattery and Financial Services Council chief executive John Brogden.
Also weighing in will be a representative of the Joint Accounting bodies, Institute of Actuaries chief executive, Melinda Howes, Council of Small business of Australia executive director Peter Strong, and Association of Superannuation Funds of Australia chief executive Pauline Vamos.
On the other side of the equation, the Industry Super Network is represented by chief executive David Whiteley, alongside ACTU president Ged Kearney, Australian Institute of Superannuation Trustees chief executive Fiona Reynolds, Australian Council of Social Services chief executive Dr Cassandra Goldie, and Association of Women in Super representative Cate Wood.
The roundtable will be chaired by the Minister for Financial Services and Superannuation, Bill Shorten, but the Federal Opposition has dismissed the roundtable as another example of the Federal Government "fiddling".
The Shadow Assistant Treasurer, Senator Mathias Cormann said that instead of setting up another review, the Government "should implement the many outstanding recommendations of the Cooper and Ripoll inquiries".
"In particular, it is high time Labor implemented the Cooper Review recommendations to improve transparency and corporate governance standards in superannuation," Cormann said.
Announcing the roundtable, Federal Treasurer Wayne Swan said that as part of its initial work it would consider compliance cost issues relating to the new higher concessional contributions cap for individuals aged 50 and over who have less than $500,000 in superannuation.
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.
