FSC tells FWC to cease default fund process
The Financial Services Council (FSC) has written to the president of the Fair Work Commission, Justice Iain Ross, demanding that the default funds under modern award review process should cease.
The FSC letter, signed by its chief executive, John Brogden, followed the Commission’s decision to stand-down two members of the three-person expert superannuation panel over perceived conflicts of interest.
In the letter, Brogden states that the FSC believes the default fund process should stop and that no further appointments be made by the commission to the expert panel. However, Justice Ross last week moved to continue the process by appointing economist and former Australian Council of Trade Unions staffer, Tim Harcourt.
Harcourt was a member of the FWC’s minimum wage panel.
In a supplementary submission filed with the FWC, the FSC argued that in the absence of the two expert panelists stood aside by Justice Ross, the constitution of the panel did not fulfil the requirements of the underlying legislation.
The FSC submission also argued that the legislation did not provide scope for the FWC president to appoint anyone other than a person with the necessary superannuation expertise to the panel.
AUTHOR
Mike Taylor
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
