A Government review of borrowing within superannuation has become necessary, according to Institute of Chartered Accountants (ICAA) superannuation specialist Liz Westover.
Writing in the ICAA's Charter publication, Westover said that while the new Government had committed to no unexpected adverse changes to superannuation, there was nonetheless an industry expectation that a review would occur.
"The industry, however, has been largely expecting a review of borrowing for some time now, off the back of the Cooper Review and Stronger Super reforms," she wrote.
Westover said that together with warnings from a number of sources, a review of borrowing had become necessary.
"A review will identify the relative substance of warnings and risk areas and assess whether changes are warranted," she said. "We can then move forward with eyes wide open about the impacts of borrowing in super and hopefully implement appropriate changes to avoid any potential disasters down the track."
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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