Consumer Super Centre finds more funding
Industry funds QSuper and First State Super and investment manager Vanguard Investments have joined AustralianSuper in co-funding the proposed Superannuation Consumer Centre.
CHOICE chair Jenni Mack said momentum was building around the centre and although they were a far way off the funding target, industry funds had shown particular interest.
"We're getting a lot of momentum with the industry funds," Mack said.
"We'd like to see the retail sector come out in support but it's great that Vanguard has led the way in that regard."
Three holding directors have been appointed including Mack, Professor Susan Thorp from the University of Technology Sydney and former general manager of AMP Corporate Super and head of AMP Direct, Anne De Salis.
However, the centre was yet to find a chief, with a local search being conducted by Spencer Stuart.
"We want somebody who knows and understands super and has an appreciation of the consumer aspects of that," Mack said.
"They have to be competent with dealing with the highest levels of government and industry and need to be seen as a person of integrity by consumers."
The Federal Government pledged $10 million last year to develop the centre on the proviso it was matched by industry contributions. AustralianSuper was the first industry player to commit to part-funding the centre in February.
It will act as a dedicated expert consumer voice for superannuation and encompass an advocacy program, and a social media platform to deliver education and assistance, Mack said.
The Centre was also very close to finding a home at a local university, Mack said, and was due to open in August, rather than the previously proposed date in July.
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