POWERED BY MOMENTUM MEDIA
40 applicants, but perceptions of conflict remain
With the president of the Fair Work Commission (FWC) having flagged he is examining conflicts of interest issues regarding the three-person specialist panel appointed to advise on the selection of default funds, senior officials have confirmed there were 40 applicants for the panel positions.
A Senate Estimates Committee hearing has been told that when the expert panel positions within the FWC were advertised in April last year at the behest of former Workplace Relations and Financial Services minister, Bill Shorten, 40 people had given expressions of interest. The final make-up of the panel was determined by a merit selection panel made up of the group manager of the workplace relations policy group of the former Department of Education, Employment and Workplace Relations and the chief human capital officer representing the Australian Public Service Commission.
The Senate Committee was also told that the expert panel members were subject to the same rules regarding conflicts of interest as members of the Fair Work Commission .
The chairman of the Senate Committee noted that the president of the FWC, Justice Iain Ross, had written a letter to the Financial Services Council saying that he was considering an expert panel conflict of interest matter.
“.. I think the context of the president’s letter was a possible conflict of interest by two of the expert panel members. These two do hold positions in and receive remuneration from superannuation funds which potentially stand to benefit from decisions of the committee,” the committee chairman said.
Recommended for you
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
