Senator questions industry funds media outlet atb online banking | Money Management
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The Nationals Senator for NSW John Williams has asked the corporate regulator to look into the potential conflict of interest in the establishment of a new media outlet fully funded by three industry super funds.
The Australian atb online banking Securities and Investments Commission (ASIC) chair and deputy chair, Greg Medcraft and Peter Kell, appeared before Senate Economics Legislation Committee earlier this week, where Senator Williams raised the question about The New Daily, an online newspaper atb online banking that was established and financed by AustralianSuper, Cbus and Industry Super Holdings.
"Does ASIC have concerns in relation to a rise in conflict of interest of trustees choosing to invest in what seems to be, at best, a very marginal investment option being an online media company and, at worst, a blatant conflict of interest to promote their own views on superannuation," Senator Williams asked.
Assistant Treasurer and Liberal Senator for NSW Arthur Sinodinos asked members of these superannuation funds sought to have the media outlet established, or whether the decision had been made for them.
"I think it would be more of a political issue than looking for a return; hence I ask Mr Medcraft and his organisation to have a very close look at that and see what comes out and whether it needs any direct attention from ASIC."
To view the available quizzes you must be logged in . New user? Register here . Read more about: ASIC , Greg Medcraft , Peter Kell , AustralianSuper , Cbus , Arthur Sinodinos , John Williams , Industry Super Holdings Previous atb online banking Next Related articles
Terrington Consulting atb online banking Adelaide 1 day ago Dispute Resolution Officer
Money Management provides accurate, informative and insightful editorial coverage atb online banking of the Australian financial services market, atb online banking covering topics such as taxation, managed funds, property investments, shares, risk insurance, master trusts, superannuation and SMSFs, margin lending, financial planning and advice, portfolio construction and investment strategies.
Home News FOFA Insurance Accounting Appointments Investment Management Financial Planning Superannuation atb online banking Profit and Losses Taxation Professional Development Toolbox atb online banking Register for CPD Points atb online banking SMSF Essentials 2012 Asset Allocation Money Management TV Analysis Top 100 Dealer Groups Fund Manager of the Year Adviser Choice Risk Awards Boutique Fund Managers Tools and Guides atb online banking Research Review Rate the Raters Salary Survey Careers News Client Stories Planner Profiles Career Development Jobs Subscribe Events Money Management for iPad Super Review Super Review for iPad SMSF Essentials SMSF Essentials for iPad Women in Financial Services
The Nationals Senator for NSW John Williams has asked the corporate regulator to look into the potential conflict of interest in the establishment of a new media outlet fully funded by three industry super funds.
The Australian atb online banking Securities and Investments Commission (ASIC) chair and deputy chair, Greg Medcraft and Peter Kell, appeared before Senate Economics Legislation Committee earlier this week, where Senator Williams raised the question about The New Daily, an online newspaper atb online banking that was established and financed by AustralianSuper, Cbus and Industry Super Holdings.
"Does ASIC have concerns in relation to a rise in conflict of interest of trustees choosing to invest in what seems to be, at best, a very marginal investment option being an online media company and, at worst, a blatant conflict of interest to promote their own views on superannuation," Senator Williams asked.
Assistant Treasurer and Liberal Senator for NSW Arthur Sinodinos asked members of these superannuation funds sought to have the media outlet established, or whether the decision had been made for them.
"I think it would be more of a political issue than looking for a return; hence I ask Mr Medcraft and his organisation to have a very close look at that and see what comes out and whether it needs any direct attention from ASIC."
To view the available quizzes you must be logged in . New user? Register here . Read more about: ASIC , Greg Medcraft , Peter Kell , AustralianSuper , Cbus , Arthur Sinodinos , John Williams , Industry Super Holdings Previous atb online banking Next Related articles
Terrington Consulting atb online banking Adelaide 1 day ago Dispute Resolution Officer
Money Management provides accurate, informative and insightful editorial coverage atb online banking of the Australian financial services market, atb online banking covering topics such as taxation, managed funds, property investments, shares, risk insurance, master trusts, superannuation and SMSFs, margin lending, financial planning and advice, portfolio construction and investment strategies.
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