POWERED BY MOMENTUM MEDIA
No APRA data on commissions in superannuation
The Australian Prudential Regulation Authority has conceded it has never collected specific data on the issue of how commissions impact superannuation fund balances.
Responding to a question on notice from Tasmanian Liberal Senator David Bushby, the regulator said it "does not collect data on commissions paid by superannuation funds as part of its current statistical collection".
Bushby had used a Senate Estimates Committee hearing to ask APRA officials whether they knew the degree to which commissions impacted superannuation fund balances.
"Do you have a feel for the percentage of funds that come in - particularly the retail funds - that attract commissions?" he asked.
The degree to which commissions affect superannuation fund balances represented a central element of the Industry Super Network's "compare the pair" advertising campaign, but was reliant on research from commercial ratings houses such as SuperRatings.
Recommended for you
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment