ASFA takes low profile on FOFA changes
The Association of Superannuation Funds of Australia (ASFA) has sought to steer clear of the debate around the Government’s Future of Financial Advice (FOFA) amendments, beyond supporting retention of the existing definition of “intrafund advice”.
While both Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) have lodged comprehensive submissions largely warning about the negative implications of the FOFA legislation, ASFA chief executive Pauline Vamos simply noted that her organisation was “pleased to see that the FOFA Legislative Amendments do not alter the way funds can collectively charge members for the provision of advice pursuant to section 99F of the Superannuation Industry Supervision Act”.
“We note that the FOFA Legislative Amendments, by way of a 'note’, clarify and cross reference the expression 'intrafund advice’. ASFA supports this clarification,” her submission letter said.
She said that it was on this basis that ASFA did not intend to make a formal submission, but wanted it noted that it “strongly supports the retention of the existing definition of intrafund advice and will shortly provide Treasury with further research demonstrating the benefits to members and the lack of detriment to funds of the provision of intrafund advice”.
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