FWC president appoints himself to expert panel

compliance default funds FSC superannuation funds financial services council chief executive

22 April 2014
| By Staff |
image
image
expand image

The President of the Fair Work Commission (FWC), Justice Iain Ross, has appointed himself to the Commission's so-called expert superannuation panel to ensure that it can proceed with its review of default funds under modern awards.

The FWC President's actions represented the quickest and virtually sole means of countering claims by the Financial Services Council (FSC) that the expert panel was not properly constituted and that therefore it could not proceed with the review of default funds.

The FWC president had earlier found himself having to stand aside two of the original members of the expert panel because of perceived conflicts of interest based on the board affiliations with superannuation funds.

Justice Ross' decision to appoint himself to the expert panel came only hours before the FWC ceased business for the Easter break and his formal statement said that he wished to put the matter "beyond doubt".

"In order to put beyond doubt that the quorum requirement for the Expert Panel in s.622(2)(a) of the Fair Work Act is met, I will now join the Expert Panel pursuant to s.622(3) of the Act," his formal statement said.

"The quorum requirement being met, pursuant to s.622(2) of the FW Act, the Expert Panel may continue to deal with matter AM2014/6 without its full complement of Expert Panel Members," the president's statement said.

Justice Ross acted to appoint himself to the panel in the face of letters from the FSC formally questioning the status of the FWC's review of default funds and a letter from Association of Superannuation Funds of Australia chief executive, Pauline Vamos, expressing concern about the cost of delays to the process.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Random

What happened to the 700,000 million of MLC if $1.2 Billion was migrated to Expand but Expand had only 512 Million in in...

2 days 10 hours ago
JOHN GILLIES

The judge was quite undrstanding! THEN AASSIICC comes along and closes him down!All you 15600 people who work in the bu...

3 days 7 hours ago
JOHN GILLIES

How could that underestimate happen?usually the quote transfer straight into the SOA, and what on earth has the commissi...

3 days 8 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 4 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 2 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND