Taskforce should focus on super frauds
A peak superannuation industry body is urging the Serious Financial Crime Taskforce to have an investigative body that will crack down on those committing superannuation frauds.
The Australian Institute of Superannuation Trustees made the point while welcoming Treasurer Joe Hockey's announcement of the taskforce, saying that addressing super, investment fraud, identity crime and tax evasion would help boost consumer trust in financial services.
AIST chief executive, Tom Garcia, said the taskforce is also important to build trust around the super system.
"It's important that consumer protections are underpinned by a strong investigative body that will investigate and prosecute those committing superannuation frauds — ensuring the integrity of the financial services system," he said.
Garcia also said multiple agencies joining hands to form the taskforce will result in better outcome.
The Serious Financial Crime Taskforce includes the Australian Taxation Office, Australian Crime Commission, Australian Federal Police, Attorney-General's Department, Australian Transaction Reports and Analysis Centre, Australian Securities and Investments Commission, Commonwealth Director of Public Prosecutions and Australian Customs and Border Protection Services.
The Federal Government announced yesterday it will provide $127.6 million over four years to fund the investigations.
AUTHOR
Malavika Santhebennur
Recommended for you
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.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
