Industry funds’ ethics called into question
Concerns are being raised over alleged rorting of industry superannuation funds, following comments attributed to former NSW Treasurer, Michael Costa.
Responding to a call by Industry Super Australia (ISA) chief executive, David Whiteley, for ethics classes for financial planners to be part of the education standards being rolled out by the leading institution, a number of Money Management readers said ethics training should apply to industry funds too, following comments made by Costa on The Bolt Report yesterday.
"Costa said in the media recently that union dominated Industry Super funds were run poorly from a corporate governance perspective," one reader said.
"[It] seems like Mr Whitely should look at his own backyard first."
While a second reader said that Costa had implied that "rorts are occurring inside these funds and their governance needs to be investigated".
The reader also said Costa had indicated that the Royal Commission into Union Corruption should be extended to investigate industry funds.
At the time of publication Money Management was awaiting a response from an ISA spokesperson.
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