Super trustees need better vigilance: APRABY EMMA RAPAPORT | MONDAY, 27 MAR 2017 12:43PM APRA's deputy chair Helen Rowell hit out at superannuation trustees who incur "inappropriate expenditures" saying that unnecessary costs negatively affect outcomes for members. Related News |
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David Sharpe
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A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The issue I see is APRA's interpretation of what makes a person independent because each person will have a past history which will influence their decision-making processes. We all carry some baggage from our past whether we come from the employer or employee side, so can anyone be truly independent?
Surely it should be about what skills and abilities a person has rather than are they are 'independent'. By adding independent trustees to the board aren't we just adding to the cost, yet APRA also say that's a major issue? So which is it?
The decision to merge or close a fund should sit with the members and in fact it does. If a member is unhappy they can move to another Fund or is APRA saying members do not understand?
If that's the case why not spend money educating Australians of their rights instead of lecturing funds that they should make the decision without even consulting their members?