SMSFs to be included in Henry and Cooper reviews

self-managed-superannuation-funds/association-of-superannuation-funds/SMSFs/age-pension/industry-funds/federal-government/ASFA/

13 November 2009
| By Mike Taylor |
image
image
expand image

The Federal Government has made it clear that self-managed superannuation funds (SMSFs) cannot expect to be exempt from changes stemming from the Cooper and Henry reviews.

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, said SMSFs could not expect to be exempt from the process.

He told the Association of Superannuation Funds of Australia (ASFA) conference that SMSFs needed to be treated in the same manner as branded funds.

“In circumstances where the failure of SMSFs places pressure on the age pension then, of course, they should not be exempt from the process,” Bowen said.

The minister also appeared to signal that the Government wanted to see an end to the disputation and competition between industry funds and retail master trusts.

He said it was time to put an end to the environment in which some types of funds were trying to gain an advantage over other types of funds.

Bowen said that, rather, funds should be focused on the future of the whole industry.

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 1 week 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 3 days 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 2 days ago

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

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND