Following revelations that only around 10-20 of Australia's 133 retail superannuation funds reported commissions or investment fees for FY2003-04, despite legislation obliging them to do so, the Australian Prudential Regulatory Authority announced this week that it plans to get tough.
According to reports in the national media, the APRA expressed surprise and disappointment at the 85% non-compliance rate with laws requiring funds to report fee levels and commission payments made to financial planners to their investors.
"If we're comfortable the information is attainable and people deliberately chose not to provide it them we will have to use legal powers," APRA deputy chairman, Ross Jones told the Sydney Morning Herald on Monday.
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