The Association of Superannuation Funds of Australia (ASFA) has questioned the value of a new Parliamentary Inquiry into the superannuation industry.

ASFA chief executive Philippa Smith said she found the calling of the inquiry, to be chaired by South Australian Liberal Senator Grant Chapman, puzzling in circumstances where most of the issues had already been extensively reviewed by other inquiries.

“The terms of reference for the inquiry seem somewhat odd when most of the issues have been dealt with elsewhere,” she said. “It represents a distraction when you consider that most funds are trying to bed down the changes announced in the Budget.”

The Parliamentary Inquiry has caused consternation in some quarters of the superannuation industry because its chairman, Senator Chapman, in 2004 used parliamentary privilege to accuse leading industry superannuation funds organisation Industry Fund Services (IFS) of a range of failings, including poor accounting standards and lack of transparency – claims strenuously denied by IFS.