Equip chair calls for more ‘logical mergers’

equip super catholic super chair Array superannuation

21 June 2021
| By Jassmyn |
image
image
expand image

Equip Super and Catholic Super director and chair, Andrew Fairley, will step down from the role on 30 June, 2021, after 12 years.

In stepping down, Fairley called on superannuation funds and trustees to place greater priority on members’ interests and performance, and to embrace “more logical mergers”.

“It is a fundamental duty of all trustees to put members' interests ahead of their own interests. I don't think that that is always the case,” he said.

Fairley noted he supported the Australian Prudential Regulation Authority (APRA’s) performance outcomes test.

“APRA's traffic light approach is very helpful. The more disclosure of underperformance, the better informed the sector is and consequently members become. Members must have the ability to vote with their feet where they are part of an underperforming fund,” he said.

Commenting, Equip and Catholic Super’s chief executive, Scott Cameron, said: “Andrew’s leadership has been integral to our growth and success.

“He has ensured a skills-based professional approach for the trustee that has created better retirement outcomes. Beyond Equip and Catholic Super, he has been a guiding force across the industry.”

Fairley signalled his intention to step down from the role two years ago but continued as chair to see through Equip’s joint venture with Catholic Super.

Fairley would continue as an industry director of the Australian Financial Complaints Authority and intends to maintain an ongoing involvement in the superannuation sector.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

4 days 3 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

4 weeks ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 3 days ago