In a statement, Mr Frydenberg announced former Equipsuper chief executive Danielle Press and former UniSuper chief risk and legal officer Sean Hughes as new full-time members of ASIC.
“The appointments of Ms Press and Mr Hughes build on the strong action already taken by the government in strengthening ASIC’s capabilities by committing to a further $70.1 million in funding to support ASIC’s new strategic direction and appointing a second deputy chairperson, Daniel Crennan QC, with a focus on enforcement,” the statement said.
“These appointments will boost the experience and capability of the commission in relation to financial markets and regulation, including superannuation, and will contribute to the leadership necessary to support the commission’s new strategic direction, which will enhance its ability to detect and address misconduct in financial services and protect consumers.”
Ms Press was most recently the chief executive of the Myer Family Corporation, and has held roles with UBS Global Asset Management in addition to her time with Equipsuper.
Mr Hughes is currently the group general counsel for Tabcorp, and has held roles with the New Zealand Financial Markets Authority, NAB and ANZ.
Both Ms Press and Mr Hughes have been appointed to their roles for a period of five years.
[quote=Anonymous]One Inudstry Super fund does not allow a member to hold two super accounts and I can’t segregate tax and tax free monies as anotehr example. [/quote]
That one isn’t the fund being a pain – it’s no longer possible. From memory the law on this one changed around 3-4 years ago.
Rubbish. Where is the link that says so (ATO/SIS).
There is no issue in having one account that receives concessional contributions (taxable component), and a second account that receives non-concessional contributions (tax-free component).
Greater minds than me might be able to target it more precisely, but I think it’s to do with the definition of superannuation interest in ITAA97.
Doesn’t mean you can’t have two separate accounts across two different super funds. Just not two accounts in the one fund, as even with different account numbers they’re still both the one ‘superannuation interest.’
Have you found other funds that are willing to accommodate the two accounts in the one fund?
Yes, every retail fund we deal with has no issue accommodating two accounts (where appropriate), and I know of some industry funds that do this as well.
I apologise for the sharp wording in my original comment. I should’ve expressed myself in a nicer manner.
Steve, I agree with the sentiment, but I can’t use a fund that takes 9 months to pay out money upon death and all the other stories about poor admin associated with industry super funds. One Inudstry Super fund does not allow a member to hold two super accounts and I can’t segregate tax and tax free monies as anotehr example. Plus then you’ve got all the asset allocation issue as well. One fund now has 44% invested in Alternative Assets and gives no guidance on what this means. Hostplus/Hesta has around 90% +/- of funds invested in growth assets in their so called balanced fund.
As an independent adviser, not tied to an institution the problem is clients directly relate the service standards received from the Super fund with the service standards of the adviser. By that I mean if it takes 30 days to process a withdrawal and the paperwork is lost by Hesta, whilst the adviser has no control over this process, the client directly feels it’s the advisers fault regardless as “we’ve” recommended it. Poor service, processing delays, incorrect answers in the call centre is the quickest way to disputes and is in no ones best interest.
Exactly my thoughts and experience.
CareSuper told me twice over the phone and twice in emails they had applied the tax component reduction formula to a TPD claim clients account. They even provided the full calculations.
Then we rolled it over and they processed it at 100% taxable when it should have been 45% taxable.
5 months of follow ups, first to advise them that they were legally able to amend the Rollover Benefit Statement and fix the clients tax free components and the only way to get it sorted was to lodge a formal complaint. Complete waste of time and money and to add further financial stress to an already stressed / mental health client.
ISA’s your services are a complete joke.
But at least ASIC love you, as your service levels are the same as our incompetent government.
Is this why the political blood letting & political party knife back stabbing of the Prime Ministership as a“Coue” occurred a week or two ago, was it committed so as to further get an EX-MSJ lawyer Josh Frydenberg to further Stack & Rigg ASIC?
Josh Frydenberg MP an EX-Mallesons Stephen Jaques lawyer who is now known as King Wood Mallesons lawyers has just further stacked & rigged ASIC to protect the fact that on 09 October 2006 Treasurer Peter Costello stacked & rigged ASIC with MSJ’s former managing partner Tony D’Aloisio, to politically have concealed political & corporate board & legal advisory firms collusively perpetrated crimes of insider trading & market manipulations frauds, as were willfully Ministerially perpetrated during the 2006 Commonwealth Telstra three alleged share float, by having had the ASX, ASIC, ACCC & ACMA all stacked & Rigged with former MSJ partnership’s key people.
Miles off the topic of the ISN mate and amongst other points…
*coup (coup d’etat) LOL “Coue”
*T3 was not “alleged” (it happened)
I wish some Advisers would stop fixating about industry funds and concentrating on getting Advice in order. Yes some industry funds maybe bad however as a collective and given the makeup of their boards they genuinely are looking out for their members. The same cannot be said for the big bank/institutions super funds, whose patronage has been greatly supported by the financial advice industry, never mind if the trustee is severally conflicted, even most of the masterfund platforms are run by these same organisations. As for IOOF I shudder to think what calamities are to come out of that organisation down the track. If you are truly for your clients ,here is an idea, charge a fee for your advice but invest your client in an industyry funds. You might be surprised at the results.
I partially agree with your sentiment… However, the issue is if I try to invest a client with a ‘balanced’ risk profile into most industry funds, there isnt an option with a conservative enough asset allocation to fit the profile.
I dont think me saying ‘the investment option said balanced’ will stand up in court when the recommended investment is really 90% growth assets and the market inevitably ceases the longest bull run ever.
Steve, tell me, how do you explain the asset allocation of say Host Plus to a retail client?
Steve, really I am serious. You came up with the idea and it sounds to me like you just might believe you are the first to have it. People have given you some answers so can you please explain how you solve these issues. If you are busy, just concentrate on asset allocation for me – shouldn’t take you long.
Hey compliance Steve, if the Industry Funds ever want to be used by advice then get real with investment risk as per last 2 comments.
Give advisers online access to clients accounts.
Provide a decent call centre where the call centre jockeys are told to hate financial advisers and make it near impossible to get info for their clients.
I have made some genuine attempts to work with clients existing industry funds and i have lost money every time as the admin service is just a complete joke.
Sorry Industry Super’s we can never use you funds if we want to have a real advice business and actually make some money to provide for our families.
Your services are as bad as Centrelink !!!
Agreed. We have one client where we are running two accounts in a major industry fund (taxable component / taxfree component).
– The industry fund keeps insisting to consolidate (against our instructions!).
– This same fund cannot provide us a clear asset allocation when we ask for it.
– call centre often gets confused when we explain there are two accounts!.
– They would not provide us with investment options forms (to rebalance), insisting client needs to get online and do it themselves!
We submitted a formal compliant and it was acknowledged we are 100% correct in our concerns.
Sure Compliance Steve. Tell me what happened to MTAA post-GFC?
Also, what will happen to most industry funds’ investment strategies (ie. alternative illiquid assets which can form up to 20% of most account balances) if industrial relations policy means they no longer receive mandated contributions under FWA?
Granted, unlikely, in the current political climate. But right there – that is their kryptonite.
You cannot make this stuff up. No they’re in ASIC now lol.
“No need to waste our time looking at industry funds, we worked there, we know they are fine”
I work for a bank and I’m using some industry funds; they research well and they stack up on many levels. Not all industry funds but there are some progressive funds that are placing themselves well.
Yeh but you clearly don’t provide any ongoing service do you.
Of course not, you work for a bank, Fees for no Service.
A bit harsh as a response given the conciliatory and agreeable tone of the bank planner?