The Association of Superannuation Funds of Australia (AFSA) intends to work with ASIC and Treasury on formulating a regulatory framework for intra-fund advice.
“The next job for ASFA is to work with ASIC and Treasury to get the regulatory framework right,” ASFA chief executive Pauline Vamos said.
“So that’s the work we’re doing with our members now.”
Vamos said the superannuation fund industry needed a combination framework that incorporated disclosure, data collection and implementation.
“You’ve got to help people do what you’re recommending people to do otherwise they won’t do it,” she said.
The association was also developing its expertise around advocacy and best practice of intra-fund advice, she said.
“We will focus on intra-fund advice. We will leave it up to the FPA, the AFA (Association of Financial Advisers) and the advisory panel to the government on full financial planning,” she said.
“We don’t want to duplicate, but intra-fund advice is different and I think we can assist traditional planners actually look at those opportunities as well.”
In April this year, the federal government announced intra-fund advice would be expanded to allow superannuation funds to provide advice in the areas of transition to retirement, intra-pension advice, nomination of beneficiaries, superannuation and Centrelink payments, and general retirement planning.
The measures were all under the new reform initiatives in response to the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into Financial Products and Services in Australia.
“The expansion in the provision of low-cost, simple advice will be of particular benefit to individuals and families who may not currently have access to financial advice,” Superannuation Minister Chris Bowen said at the time.
