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The Australian Institute of Superannuation Trustees (AIST) has today welcomed the release by the Australian Securities & Investments Commission (ASIC) of an in-depth report into financial advice by superannuation funds.
AIST CEO Eva Scheerlinck said while ASIC’s report found that personal advice provided by super funds was ‘generally appropriate’, there was always room for improvement.
Overall, one in two pieces of advice provided by the 25 super funds surveyed by ASIC were found to be fully compliant, 36% were not fully compliant (though the member was not at risk of suffering detriment), while 15% were not compliant.
“Clearly, there is still room for super funds to improve both the quality of advice they are providing as well as how this advice is delivered to their members,” Ms Scheerlinck said. “Super funds play a vital role in providing cost-effective financial advice to members and its incumbent on them to do this in a way that is fully compliant with the regulatory requirements and, most importantly, in members’ best interests. Given that this report also suggests many super funds are expanding their advice offerings and moving towards more digital advice, compliance must continue to be prioritised.”
Ms Scheerlinck said the report’s overall findings reinforced that – on average - members were better off getting financial advice from their superannuation fund than from the four major banks or AMP, where only one in four pieces of advice were fully compliant in a similar survey across those entities conducted by ASIC in 2018.
Ms Scheerlinck said ASIC’s latest report – which provides practical tips and guidance to improving the quality of financial advice in superannuation – would be a useful tool to help all super funds focus on continuous improvement.
Media enquiries: AIST Senior Media Manager, Janet de Silva 0448 000 499
AIST is the peak body for the $1.4 trillion profit-to-member superannuation sector which includes industry, corporate and public sector funds
03 December 2019