Perpetual’s Deverall and Savage support FOFA changes

financial-advice-reforms/future-of-financial-advice/cooper-review/superannuation-guarantee/superannuation-funds/chairman/financial-services-council/

21 September 2010
| By Mike Taylor |

Perpetual’s outgoing managing director, David Deverall and its retiring chairman, Robert Savage have backed both the Future of Financial Advice reforms and the Cooper Review’s MySuper proposal.

The two men have used their final annual report statements to also endorse the lifting of the superannuation guarantee to 12 per cent and to suggest that the rapid growth in self managed superannuation funds (SMSFs) is a reflection of people’s desire to take charge of their financial wellbeing.

They not only supported key elements of the Cooper Review but the Future of Financial Advice (FOFA) advice reforms saying the initiatives were in line with "the long-standing principles at the core of Perpetual's approach to financial advisory services".

"Our expertise in fiduciary duties would also confirm us as a thought leader in an industry where such duties could find wider application," they said.

The pair said the proposal to increase mandatory employer superannuation contributions to 12 per cent of salary by 2020 and establish MySuper as a default fund would help ensure minimum standards for everyone who contributes to superannuation, even if they were not actively engaged in how their retirement savings were managed.

Deverall will retire as chairman of the Financial Services Council when he hands over the reins of Perpetual to his successor.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS