I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Regulatory Regime in Governing Superannuation

There is no need for a complete review of the regulations, and only some "tweaking" is required of the regulations so they'd be enough to make the system more effective. It was asserted however that a long-term version of the super system and other future changes be efficient, timely and linked to the vision. Concern has been expressed regarding the ad-hoc that undermines confidence in the super system.

Some of them feel that there must be one regulator for super instead of different aspects of the system being split throughout various responsibilities like the ASIC, APRA, and ATO. But it was usually considered not feasible to have them all go through a single regulator. Instead, there's the need to identify inefficiencies and obstacles and make the rules clearer in encouraging more communication among the various bodies. An example of this kind of inefficiency is the inability to utilize the person's tax file number as the only identifier while searching for super accounts.

The Role of Intermediaries

Fund associations see intermediaries as playing a major role. Enforcement and legislation are needed to limit the advice to those that need the advice most. A lot of people use their tax agent for super advice, and this is not appropriate in some cases. Financial planners are the once most qualified to offer advice, although a lot of people are not aware from whom they must be looking for advice, and a lot of them don't see any value in spending for financial advice. Super fund associations felt the need for education is needed to go beyond such barrier in asking financial advice.

Another main concern regarding the role of intermediaries lies in the payment of commissions since this may not lead to the ideal advice being given to consumers. Fee-for-service set ups are viewed to be fairer, and some legislators believe that such must be regulated.

The rules and regulations governing super are not as complicated as you may think once you get a better understanding about super. To have a working knowledge about superannuation and super funds, and the regulations that govern them, read our articles at www.australiansuperfinder.com.au

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