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Industry funds back FWC against 'banks’
Industry Super Australia (ISA) has backed the default fund selection processes of the Fair Work Commission (FWC), with its chief executive David Whiteley urging the major banks to rule out embarking on legal action which would prevent the commission fulfilling its task.
Amid calls by the Financial Services Council (FSC) for the FWC to call an urgent hearing to consider the validity of the process, Whiteley said engaging in legal action and other measures to prevent or frustrate the legislated merit-based assessment of funds could leave members worse off.
“The banks should have nothing to fear if their default super products are up to scratch,” he said. “Seeking to halt a merit-based assessment of default super products follows on from the banks’ failed efforts to wind back financial advice laws and bring back sales commissions.”
Whiteley said the process and timings for applications for default fund assessment had been clear for everyone and delaying or halting the process could cost members money.
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