The Australian Securities and Investments Commission (ASIC) will conduct a surveillance of intra-fund advice.
The surveillance has been confirmed by ASIC deputy chairman, Peter Kell, who told the Association of Superannuation Funds of Australia (ASFA) conference the regulator was keen to better understand what was being delivered in the intra-fund advice environment.
He said it would be a comprehensive review which would also be looking at the technology being used to deliver intra-fund advice, how well it was working and whether funds were seeking deliver transition to retirement advice under the intra-fund advice label.
Kell said ASIC would be conducting on-site visits and seeking to drill down on the type of advice being provided.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
The peak body for the superannuation industry says that intra-fund advice should be widened to cover the transition to retirement.
The industry super fund has announced a change to the way it delivers education services and support to members and employers.
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