Govt has caved-in to banks says ISA

The Federal Government has either caved-in to bank lobbying or is guilty of pursuing an ideological agenda on superannuation funds governance, according to Industry Super Australia (ISA).

At the same time as the Senate Economics Legislation Committee holds public hearings to consider the Government’s legislative changes, the ISA’s public affairs director, Matt Linden ridiculed suggestions by the Minister for Revenue and Financial Services, Kelly O’Dwyer that superannuation funds should live up to the same standards as banks.

“If it wasn’t so serious for the retirement savings of working Australians, the minister’s vow to make industry funds more like the banks would be funny,” he said.

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“In the past two years, those financial institutions and related parties have paid around $480 million in refunds and compensation to customers as a result of admitted alleged misconduct,” Linden said. “The Government should be throwing the book at the banks – instead they’re changing the super rules for their benefit.”

Pointing to the fact that industry super funds had on average consistently outperformed bank-owned retail funds on member returns, he said the industry fund model stood testament to its governance model.

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Perhaps the Government could scrutinise the ISA in the same way as the banks and see what the next comments are from Mr careful what you wish for.

Hahahaha! About time, now let's see their dirty laundry come out (if they haven't destroyed evidence like the unions do). Also watch Hedware write some inane comment on here about how it will affect member returns - which it will, because for once they will be accountable to submitting real figures.

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