POWERED BY MOMENTUM MEDIA
Is one politician’s ‘recalcitrance’ another’s realism?
Rollover feels certain that Victorian Liberal Senator, Kate Hume, will go far in her parliamentary career if only because she seems to know how to keep her eye on the prize.
The prize this month was the Government’s desire to establish an Australian Financial Complaints Authority irrespective of the objections of a large cross-section of the industry and the very vocal resistance of the Credit and Investments Ombudsman, Raj Venga.
It takes a very single-minded chairperson of a Senate Committee to describe someone who has just given evidence as “recalcitrant” but that is just what Hume did as she led Australian Securities and Investments Commission representatives through the reasons why the AFCA was a good idea.
“Have you read the CIO’s submission?” she asked the ASIC team. “I should have asked that. You have. Are you across their motives for their recalcitrance or the issues they have with the new body? Would you like to make any comment on any of them?”
The ASIC team very sensibly stepped around Senator Hume’s loaded question, possibly realising that recalcitrance is defined as “having an obstinately uncooperative attitude towards authority or discipline” and that draft legislation carries no authority.
Then, too, the ASIC team may have had in mind that with a Federal Election due within 18 months, discretion was the better of valour.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
Recommended for you
With rainy weather abound in Sydney, Rollover was sat in front of his TV watching the smorgasbord of niche documentaries free-to-air has to offer.
As a history buff, Rollover is well-aware of the importance of the role the vanguard plays in a military force, as the leader at the front of battle.
Now that crypto investing is mainstream, with Rest Super announcing it will put a portion of its funds into it, Rollover wonders whether his grandkids will think he is hip when he shows them his crypto balance in his new digital wallet.
Rollover is almost as fascinated by superannuation fund mergers as the deputy chair of the Australian Prudential Regulation Authority (APRA), Helen Rowell.
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