Is my super secure?
Super is protected by legislation which is designed to protect it from fraud or gross mismanagement.
These laws are in place to ensure funds are managed to a set standard and that trustees meet certain legal standards.
There are three regulatory bodies who oversee the running of Australian super funds.
- Australian Prudential Regulation Authority (APRA) - A government body which ensures that super funds (except self-managed funds) are managed prudently.
- Australian Securities and Investment Commission (ASIC) - A government body which regulates the industry in the interests of consumers.
- Australian Tax Office (ATO) - A government body which regulates self-managed super funds (SMSFs).
If you are worried about the security of your super in terms of financial loss you should speak to a financial adviser.
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