Industry Super Australia has urged for discussions on the Productivity Commission’s inquiry into the processes for default fund selection to be evidence based.
As it welcomed the re-appointment of Scott Morrison as Treasurer and Kelly O’Dwyer as the Minister for Revenue and Financial Services, ISA deputy chief executive, Robbie Campo, said fund members should be well-served by high performing funds regardless of whether they were engaged or not.
“The poorer performance of many choice products and many SMSFs [self-managed superannuation funds] should flag the need for more effective consumer protections for members leaving or outside default arrangements,” Campo said.
“The best interests of members must remain firmly at the centre of any proposal to widen and strengthen the existing default safety net.”
Campo also reiterated the ISA’s calls for new measures to tackle conflicted remuneration in the financial services industry, robust product disclosure requirements, and increased professional standards for financial planners, in the wake of scandals in the “for-profit” sector.
