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Industry funds hit at commissions - again
The Industry Super Network (ISN) has again sought to ramp up its campaign against commission-based remuneration linked to superannuation, calling on retail super funds “to categorically rule out any reporting method for returns which fails to disclose costs such as ongoing advice fees or commissions.
The ISN statement, issued by the organisation’s chief executive David Whiteley, represents a clear attack on the Financial Services Council’s recommended reporting standards.
Whiteley said that the decision by the retail super sector to adopt a reporting method which does not include ongoing advice fees and commissions raised a number of regulatory and consumer protection concerns.
“Given the compulsory nature of super, funds have a higher duty of care to their members,” Whiteley said. “This duty of care includes the transparent reporting of fund returns net of all taxes and expenses.”
He said the ISN would support the Government working with the sector to develop industry-wide protocols for transparent and comparable reporting of investment returns.”
AUTHOR
Mike Taylor
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