Industry Super Australia (ISA) has backed the default fund selection processes of the Fair Work Commission (FWC), with its chief executive David Whiteley urging the major banks to rule out embarking on legal action which would prevent the commission fulfilling its task.
Amid calls by the Financial Services Council (FSC) for the FWC to call an urgent hearing to consider the validity of the process, Whiteley said engaging in legal action and other measures to prevent or frustrate the legislated merit-based assessment of funds could leave members worse off.
“The banks should have nothing to fear if their default super products are up to scratch,” he said. “Seeking to halt a merit-based assessment of default super products follows on from the banks’ failed efforts to wind back financial advice laws and bring back sales commissions.”
Whiteley said the process and timings for applications for default fund assessment had been clear for everyone and delaying or halting the process could cost members money.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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