Constant legislative change can compromise the stability of the superannuation industry and the confidence of investors, former High Court chief justice Sir Anthony Mason has said.
Addressing delegates at the SMSF Professionals’ Association of Australia national conference in Brisbane yesterday, Mr Mason said neither the superannuation industry nor the SMSF sector is immune from legislative change.
“With superannuation, change often seems to be the order of the day as governments think of new ways in which they can access or make use of superannuation funds,” he said.
“In addition, governments have different perspectives on how the financial services industry should be regulated.
“These developments can compromise not only stability, which is an essential element in a well-functioning financial services industry, but also the confidence of investors, particularly those who invest in and rely on superannuation.”
Mr Mason said despite the sector being subject to change, there are certain principles that should “remain constant”.
“Superannuation is about saving for the future; it is not about risk-taking,” he said. “The future of the financial services industry lies in the provision of quality advice and high professional standards, not in the selling of products.
“And [also,] the stakeholders in the industry should do everything that they can to promote confidence in the industry.”
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