Financial Services Council (FSC) chief executive, Sally Loane has blamed the current default superannuation fund regime for playing a part in hampering women from better engaging in their superannuation.
Addressing a Women, Super and Wealth Summit in Sydney, Loane claimed that opening super to choice and competition would force funds to actively compete for and chase new members and talk to them in a way that engages them, on the right platforms.
“Our superannuation system today defaults to ambivalence,” she said. “Too many people in parts of the super system assume that young people, particularly young women, can’t or won’t make decisions about their long-term future, that they’re chronically disengaged. That they need decisions made for them.”
Loane said she did not believe this attitude was justified.
“More importantly, this paternalistic attitude is not sustainable if we genuinely want the gender wealth gap closed,” she said. “We can no longer be ambivalent about wealth inequality.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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