Trustees must co-operate on governance guidelines
Not-for-profit superannuation fund trustees have been warned that if they do not agree on fund governance guidelines they risk having them imposed by the Government.
The Australian Institute of Superannuation Trustees (AIST) will release the draft guidelines today, but the organisation’s chairman, Gerard Noonan, admitted there had been disagreement and divisions.
The AIST’s call for support for a voluntary principles-based approach stands in contrast to industry fund calls for financial planners to be subject to a tighter regulatory approach directly overseen by the Australian Securities and Investments Commission (ASIC).
Opening the Conference of Major Superannuation Funds on the Gold Coast, Noonan argued a voluntary, principles-based code had to be preferable to one imposed by the Government.
“We have to agree on a voluntary code because, if we don’t, the Australian Prudential Regulation Authority (APRA) will step in to impose a Governance code,” he said.
Noonan said he felt sure a voluntary, principles-based approach was in the best interests of the industry and would garner the respect of the current Government and future Governments.
AUTHOR
Mike Taylor
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
