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Legislative guidelines needed on super advertising
Leading superannuation lawyer Noel Davis has questioned whether legislative guidelines should be introduced covering expensive television advertising by superannuation funds.
In a submission to the Cooper Review into superannuation, Davis has suggested such guidelines would be useful in circumstances where “disquiet exists in some quarters about the large amounts of members’ money being spent on advertising”.
He said the legislative guidelines should be developed around permissions relating to using members’ funds for advertising.
Elsewhere in his submission, Davis also argues against stock lending by superannuation trustees.
He said it had become apparent during the global financial crisis that, in some circumstances where trustees had loan shares for a small fee, the value of those shares had been substantially reduced by the stock borrower using the borrowed shares to drive down the value by short-selling.
“The only way to overcome this risk to members is to ban superannuation trustees from lending stock,” Davis said.
AUTHOR
Mike Taylor
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