The financial services industry has, in the past, had too much influence over the Liberal Party and industry superannuation funds have too much influence over the Labor Party today, according to NSW Liberal Party Senator, Andrew Bragg.
In doing so, Bragg conceded that Liberal politicians had been wrong to resist the Future of Financial Advice (FoFA) changes and the calling of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Participating in an online debate sponsored by the Association of Superannuation Funds of Australia (ASFA), Bragg sought to defend his position on superannuation by claiming that it was independently arrived at and was not the product of external influences.
In doing so, Bragg suggested that the Australian Labor Party (ALP) was wrong in defending the manner in which industry superannuation funds had been prepared to fund media outlets such as The New Daily and advertising campaigns undertaken by Industry Super Australia (ISA).
He claimed such funding represented a breach of the sole purpose test.
Bragg was participating in the ASFA debate facing Australian Labor Party backbencher, Dr Daniel Mulino.