Super funds must market better, says ASIC
There is a need for super fund trustees to reinforce the long-term nature of superannuation as an investment, according to Australian Securities and Investments Commission commissioner, Greg Tanzer.
Addressing the Conference of Major Superannuation Funds (CMSF) in Brisbane, Tanzer said superannuation was a long-term investment but much of the discussion in the industry was about the short term.
"We need to be discussing the long-term objectives," he said.
In doing so, Tanzer signalled ASIC might be prepared to provide further relief around retirement estimate calculators saying it was something the regulator might be able to "tweak".
He said he believed trustees could do more to emphasis the long-term nature of superannuation.
This might include the provision of better tools and emphasizing 10 year returns over one year returns.
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