ASIC asked key questions on industry funds
A senior Government Senator has asked the Australian Securities and Investments Commission (ASIC) to pass judgement on Union-based superannuation liaison officers funded by industry superannuation funds, including on whether they are effectively providiing advice.
Tasmanian Liberal Senator has placed questions on notice to ASIC in the wake of the Australian Prudential Regulation Authority having declared that it was not the appropriate agency to deal with any advice bring provided by the liaison officers.
In his questions, Bushby has asked about any licensing arrangements under the Corporations Act which might be applicable to the liaison positions.
He then goes on to ask whether the liaison officers provide general advice, personal advice or both and whether the trade unions they represent are licensed to operate such a financial service.
Bushby has also asked ASIC to detail its supervisory and compliance procedures applicable to such arrangements.
The existence of the superannuation liaison officers became known to the Goovernment as a result of testimony given during the Royal Commission into the trade union movement.
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.
