Palmer calls for FOFA to revisit super

Clive Palmer believes Future of Financial Advice (FOFA) laws have overlooked superannuation funds, expressing fears that the protection of industry super fund members could be in jeopardy.

The Palmer United Party (PUP) MP said it is critical that any revision of FOFA laws apply the same protection standards to super fund members as it does to general advice recipients and said the existing model shows bias towards "union-managed funds".

"The current financial advice laws brought in by Labor have failed to protect industry super funds and are biased towards union-managed funds, which needs to be corrected," he said.

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He said fund members of industry and retail super funds should have the same mechanisms in place to protect their assets.

"I call on both parties to reach a consensus on this matter to ensure all Australian's super funds are equally protected," he said.

"We must have a system where the best interests of all clients are taken into account."




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