The Association of Superannuation Funds of Australia (ASFA) is pleased that the draft Future of Financial Advice (FoFA) legislation, released by the Government today, does not change the definition of intra-fund advice.
The ability to deliver intra-fund advice in its current form enables all superannuation funds to provide real help to fund members regarding their interest in the fund. By not further limiting the definition, fund members will continue to have access to this important service.
ASFA CEO Ms Pauline Vamos says this is a good outcome for fund members.
"One of the key pillars of our superannuation system is ensuring people can get the most out of their superannuation. At the very least, this includes access to basic advice that helps them make simple decisions regarding their accounts.
"ASFA has long said that the cost of this service should not have to be met directly by the member, but instead should be able to be paid for collectively across the fund or fund division. We are pleased that the draft legislation contains measures that do not prevent this.
"We look forward to reviewing the draft legislation in detail and consulting with the Government in order to ensure the final legislation delivers outcomes in the best interest of fund members."
For further information, please contact:
Lisa Chikarovski, Media Manager, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia's superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.