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Bundled out
Rollover made a point of attending Sally Loane's inaugural speech as chief executive of the Financial Services Council and concluded that she is more than capable of delivering a tightly-crafted speech outlining her organisation's policy position.
Indeed, Loane made clear that superannuation would be remaining front-and-centre on the FSC's agenda, and that she would be continuing to prosecute issues such as injecting more competition into the default funds under modern awards regime.
Little wonder, then, that less than a week later Industry Super Australia boss, David Whiteley, released new research questioning the activities of Loane's major constituents - the banks.
Whiteley's ISA research claimed the banks were bundling their services to convince employers to switch to bank-run default superannuation funds.
Rollover notes that unlike a number of the big industry superannuation funds, bank default funds have been bundled out of being eligible to be part of the Fair Work Commission's list of default funds eligible to be selected by employers covered by particular awards.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
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