Remuneration scrutiny won't be contained to planners
Industry superannuation funds have acknowledged that the remuneration scrutiny directed at financial planners will ultimately shift to salaries paid to super fund executives.
Australian Institute of Superannuation Trustees (AIST) officer Andrew Barr has told the Conference of Major Superannuation Funds that the scrutiny on remuneration may result in “the blowtorch being turned back on us”.
Explaining the AIST’s approach to the Cooper review, he said the likelihood of scrutiny being turned onto fund executive remuneration has resulted in a recommendation that funds make the information public. Barr said the AIST was recommending that member funds publish the remuneration of their top five executives in aggregate.
However, he said it would be open to funds to provide more details if they saw fit.
Barr said the AIST has also recommended that superannuation ratings houses make their commercial arrangements with funds more transparent.
He said that if a fund has paid to be rated, members should be made aware of the nature of the transaction.
AUTHOR
Mike Taylor
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
