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Choice, fairness and competition key in superannuation: Deverall
Choice, fairness and competition for consumers in superannuation are the key points the Government needs to direct its attention to, according to the Investment and Financial Services Association's (IFSA's) chairman, David Deverall.
In a period when the markets have been "stress-tested", Deverall said it's imperative that any recommendations arising out of the Government's numerous policy reviews respect these three "pillars", which form the basis of IFSA's Superannuation Charter, the draft of which was released in June.
"The Government needs to keep a very fixed gaze on the pillars," Deverall told delegates in his opening address to the IFSA conference on the Gold Coast.
Deverall acknowledged some "significant policy wins" through changes under Kevin Rudd's Labor Government, but he said it was necessary to encourage the Government on superannuation.
"[The charter] is the most critical document released by IFSA in its 11-year history," Deverall said. He added that when the fresh approach to payment for financial services is implemented in July next year, there will be a boost in consumer confidence.
"Typically, fees and charges were the headline grabbers," Deverall noted. However, he said the more crucial points were the pillars.
Deverall said the charter will be "closely scrutinised" by the Cooper Review, but IFSA would stress the importance of the consumer in its submissions to the review, including access to quality advice systems.
AUTHOR
Mike Taylor
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