Hume defends APRA heat maps
The Australian Prudential Regulation Authority’s (APRA’s) proposed superannuation fund heat maps have been defended by the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume.
Hume has referred to Organisation for Economic Cooperation and Development (OECD) analysis that suggests that Australia’s superannuation operating costs are among the highest in the OECD cohort.
“Our administration and investment fees total around 0.8% of total funds under management compared with 0.1% in the Netherlands – one of our closest competitors for the number one position in private pension payments,” she said.
Hume said that, from this, it was clear that more come be done to improve efficiency in the system.
The Assistant Minister said that she believed that the APRA heat maps would provide an incentive for trustees of higher performing funds to continue working to outdo their competitors and for the trustees of under-performing products to lift their game.
Recommended for you
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.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
