Trustees should be RG 146 compliant
|
|
Superannuation fund trustees should be required to hold the same basic qualifications held by those in the financial planning industry, according to the chief executive of insurer Tower Australia Limited, Jim Minto.
Minto's views are outlined in Tower's submission to the Cooper Review in which he said the company believes that the Australian Prudential Regulation Authority (APRA) should amend the fitness requirements so they correspondent with the training requirements in RG 146.
"This amendment would require directors and compliance committee members of Registrable Superannuation Entity (RSE) Licensees to be trained as if they were providing financial advice on superannuation products," the submission said.
"Given the onerous and personal nature of the fiduciary duties that these persons owe to members, Tower believes that they must demonstrate that they have a level of training and experience in superannuation products that is commensurate with the burden those duties impose," it said.
AUTHOR
Mike Taylor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
