Commonwealth Bank

Policy and Regulation

Banks and industry funds unite against FSI proposals

“It is clear…. that the banking system is considerably less competitive than the superannuation system, is systemically more risky and extracts a greater cost from the overall economy.” This extract from a submission sent by Greg Cooper, managing director of Schroder Investment Management Australia to the Financial System Inquiry, is perhaps the most damning put-down […]
Opinion

Burden of proof lies with funds over fees

David Murray told me it was “clear” the return from active managers is not worth the extra cost when talking to me the day after the release of the Financial System Inquiry interim report two weeks ago. This is a bold statement when applied to superannuation funds, the best of whom have a reputation for […]
Administration

Superpartners put under review

AustralianSuper, Cbus, Hesta, MTAA and Hostplus are conducting a review of their reliance on Superpartners as the sole source of IT for investment administration. The move comes after several years of concern at Superpartners’ overspend on IT projects that have under delivered or not appeared on time. A statement issued by a Cbus spokesperson said: […]
Investment Strategy

‘Time to review APRA’, says professor

A leading academic has called for a review of whether the Australian Prudential Regulatory Authority (APRA) is limiting the growth of the financial services sector. Professor Rodney Maddock of Monash University says that no such review of APRA has taken place since its formation in 1998. Maddock, who was formerly a senior executive at the […]
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