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Cooper: the industry fights back
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| Jo-Anne Bloch
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The Cooper Review into superannuation is now confronted by a phalanx of industry organisations expressing concern about its proposed changes to the 'choice architecture'.
What is more, this united front of opposition now ranges from the industry funds movement to financial planners.
On Friday the Australian Institute of Superannuation Trustees, the Association of Superannuation Funds of Australia, the Corporate Superannuation Association and the Investment and Financial Services Association issued a joint statement that was critical of the Cooper approach; and on Monday, the Financial Planning Association (FPA) expressed similar concerns.
The combined statement from the four superannuation industry bodies called on the Cooper Review panel to reconsider its choice architecture recommendations on the basis that the remit of the review panel had been to "renovate the super house" - not to bulldoze it.
For her part, chief executive of the FPA Jo-Anne Bloch said the Australian superannuation system was world-class and only needed subtle policy changes - not a completely new product structure.
She said that instead of focusing on such radical concepts, the review panel "should focus on obvious impediments such as different governance and regulatory systems and the unlevel playing field between superannuation sectors when it comes to finance advice, disclosure and choice".
Bloch said the FPA had also argued in its submission in support of the significance of self-managed superannuation funds (SMSFs) in the provision of retirement planning for Australians.
The FPA claimed that further intervention in the SMSF environment would threaten the success of SMSFs as a superannuation option.
AUTHOR
Mike Taylor
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