Industry funds back Gov’t review
The industry superannuation funds movement has welcomed reports that the Minister for Superannuation and Corporate Law, Senator Nick Sherry, will review the structures and costs of the compulsory superannuation system including the role of financial advice in superannuation.
Reacting to the reports in a national daily newspaper, the executive manager of the Industry Super Network, David Whiteley said the industry funds supported the thrust of Sherry’s reported statement.
He said he believed a review of the superannuation and financial advice industries was timely.
“Given the compulsory nature of superannuation and its importance to our national economy, it is important the Government continue to monitor the efficiency and fairness of the system,” he said.
“There are certainly some structural inefficiencies that have become entrenched in the system, in particular the payment of sales commissions to financial advisers by major retail funds.”
AUTHOR
Mike Taylor
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