Monday 14 March, 2016
New security laws benefit Superfunds
NASFUND has reported a decrease in fraudulent activities following the passage of the Superannuation General Provisions Act.
CEO, Ian Tarutia said this resulted in upgraded security for funds in general and in turn has resulted in positive outcomes.
Referring to previous incidences, he said these activities were the catalyst for reforms enjoyed now.
“Back in 2000, there was an inquiry that was made into what was then NPF (National Provident Fund), and as the outcome of that inquiry, new laws were introduced which now governs the whole industry.
“These new law actually inbuilt a lot of protection mechanisms so there’s a strong governance overlay, there’s a lot of checks and balances that they’ve been leading to that legislation and importantly the influence of the government is totally moved from the administration of not only NASFUND but all the superannuation funds in the country,” Tarutia said.
Mr Tarutia said the FUND undertook a major reform which saw the formation of new policies which are aligned to the ACT.
“We’ve got policies that are in place now for the board to ensure that we the management and our investment managers are doing the right things for your benefit.
“But this is the internal board policies that guide our management and staff on how we should administer the fund and what we need to do in servicing for your benefit,” he added.
He said the industry has become very strong as one of the best, if not the better, performing industry that’s regulated by the regulator, Bank of PNG.
He said the superannuation and banking are some of the strongest financial sectors today.
“So it’s been a positive story for the superannuation industry as a consequence of that.”
(Article published in Post Courier, Monday, March 14th, 2016)
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