POWERED BY MOMENTUM MEDIA
FSC hits back at ISA enticement claims
The Financial Services Council (FSC) has labelled claims by Industry Super Australia (ISA) that banks could offer employers incentives for default fund selection are wrong, claiming any enticement would be a breach of the law.
The Superannuation Industry Supervision (SIS) Act prohibits any enticements in the form of discounts, rebates and write-offs, according to FSC CEO John Brogden, which makes the ISA’s fears unwarranted.
He said the legislation applies to both retail and industry super funds.
Brogden said the statements could disguise a fear of competition from industry funds.
“Superannuation funds that offer competitive products and provide good service to their members have nothing to fear from competition,” he said.
“The best outcome for consumers is for funds to be forced to compete for default superannuation contributions,” he added.
AUTHOR
Recommended for you
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment