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Member vigilance best defence
Big Tasmanian-based fund Tasplan has called for greater scrutiny of financial advisers and insurance agents in the wake of action initiated in the Federal Court related to superannuation switching.
Tasplan general manager Neil Cassidy said the superannuation switching prosecution represented the tip of the iceberg and suggested the need for more vigilance on the part of both superannuation fund members and regulators.
“Every week of the year Australians are being tricked into switching super funds by unscrupulous agents and financial planners chasing commissions,” he said.
Cassidy said the introduction of choice of superannuation fund had increased the level of churn and, despite Federal Government assurances to the contrary, some miss-selling was occurring.
AUTHOR
Mike Taylor
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