AFA questions MySuper process
The outcome of the Parliamentary Joint Committee (PJC) reviewing the Government's MySuper legislation had appeared a foregone conclusion because of the manner in which the Government's majority report was delivered, according to Association of Financial Advisers (AFA) president Brad Fox.
Opening the AFA national conference on the Gold Coast, Fox expressed disappointment at both the PJC process and the Government's general approach to the implementation of its Future of Financial Advice (FOFA) legislation.
He told conference delegates that there had been instances in the process where the Government's own standards had been found wanting.
However Fox made particular reference to the PJC process with respect to MySuper, and the fact that AFA representatives had made submissions to the committee only to find that a few days later the Government's majority report had been released.
"It made it look like a foregone conclusion," he said.
However, Fox said the opportunity now existed for advisers to present a service offering to their clients with which neither the Industry Super Network nor the major institutions could compete.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
