FWC president appoints himself to expert panel

22 April 2014
| By Mike |
image
image
expand image

The President of the Fair Work Commission (FWC), Justice Iain Ross, has appointed himself to the Commission’s so-called expert superannuation panel to ensure that it can proceed with its review of default funds under modern awards.  

The FWC President’s actions represented the quickest and virtually sole means of countering claims by the Financial Services Council (FSC) that the expert panel was not properly constituted and that therefore it could not proceed with the review of default funds.  

The FWC president had earlier found himself having to stand aside two of the original members of the expert panel because of perceived conflicts of interest based on the board affiliations with superannuation funds.  

Justice Ross’ decision to appoint himself to the expert panel came only hours before the FWC ceased business for the Easter break and his formal statement said that he wished to put the matter “beyond doubt”.  

“In order to put beyond doubt that the quorum requirement for the Expert Panel in s.622(2)(a) of the Fair Work Act is met, I will now join the Expert Panel pursuant to s.622(3) of the Act,” his formal statement said.  

“The quorum requirement being met, pursuant to s.622(2) of the FW Act, the Expert Panel may continue to deal with matter AM2014/6 without its full complement of Expert Panel Members,” the president’s statement said.  

Justice Ross acted to appoint himself to the panel in the face of letters from the FSC formally questioning the status of the FWC’s review of default funds and a letter from Association of Superannuation Funds of Australia chief executive, Pauline Vamos, expressing concern about the cost of delays to the process.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in...

6 hours ago

A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets....

1 day 3 hours ago

While the latest quarterly CPI print exceeded expectations, most economists still anticipate a rate cut, especially amid growing downside risks to global growth stemming ...

1 day 3 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
5
Plato Global Alpha A
28.73 3 y p.a(%)