POWERED BY MOMENTUM MEDIA
APRA admits Stronger Super timetable tight
The Australian Prudential Regulation Authority's (APRA) deputy chairman Ross Jones has acknowledged that the Government's Stronger Super timetable is tight but insists it is achievable.
However, in outlining the timetable being pursued by the regulator, Jones warned that funds intending to deliver a MySuper product would need to make their decisions early or would risk leaving it too late to become a destination for default funds.
He suggested that applications with respect to MySuper licensing might need to begin as early as January 2013 to ensure funds were ready to meet the October 2013 timetable.
"The MySuper timetable is feasible - we hope funds will think about being ready to move by January," he said.
Jones also flagged changes to the financial services levy regime to take account of the implementation of Stronger Super regime and the costs borne by the industry.
AUTHOR
Mike Taylor
Recommended for you
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment