Industry Super Australia (ISA) has urged the Government not to cave into bank-lobbying to dismantle the industry superannuation governance model.
ISA pointed to reports that suggested the Government was preparing a raft of bills that could dismantle the model, and give bank-owned super funds a “leave pass” on some of the new disclosure and transparency requirements.
ISA said the bill came despite ongoing revelations about poor governance, culture, and conduct within the banks and their wealth management arms.
ISA chief executive, David Whiteley, said: “Industry super funds are deliberately different and have been immune to the scandals that continue to cause significant consumer loss and hardship”.
"Member-first governance and culture is the reason industry super funds outperform bank-owned super funds,” he said.
Whiteley said the success of the trustee governance model was evident of the outperformance of industry super funds over bank funds.
"The government should focus on fixing unpaid super, addressing the gender gap and reducing multiple accounts,” he said.
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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