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The basis for the Govt imposing a transfer of a clients account to a MySuper option was to label the member " disengaged " from their superannuation if they had not made an investment choice selection away from the funds default investment option.
This was ridiculous and a blatant attempt to quarantine business away from financial advisers who were engaged with clients who had no real need to diversify away from a default investment option and who receiving ongoing advice.
There is nothing more clear in regard to this whole process than a Govt hell bent on controlling the superannuation space.
The ridiculous level of control is bordering on superannuation dictatorship measures.
The ridiculous notion that a member cannot or will not be able to make a decision to allow advice fees in relation to their MySuper account to be deducted from their account either on a once-off or ongoing basis is creating a situation where some members will be allowed to, whilst others will not.
MySuper members still require guidance and personal advice and to even imply that they cannot make their own educated determination who they pay for advice and how they pay for it is bordering on control levels that are totally unacceptable.
MySuper is not some special product or space that cannot be touched, it is simply a low cost option the Govt forced down their necks because they wanted to cut the advisers off at the knees.
I didn't think we lived in a communist country, but there are signs of overarching control that are becoming much more visible than ever before.
And this is from a Liberal Govt....Scott Morrison's colours and ideological position on many things are starting to seep through the walls and it smacks a little like a Hill Song gathering with best mate Brian Houston leading the charge telling people how they should be leading their life.