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
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
