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.
Recommended for you
Private market assets in super have surged, while private debt recorded the fastest growth among all investment types.
The equities investor has launched a new long-short fund seeded by UniSuper, targeting alpha from ASX 300 equities using AI insights.
The fund has strengthened efforts to boost gender diversity, targeting 40:40:20 balance across its investment teams by 2030.
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
