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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.
