FSC considers legal action against FWC
The Financial Services Council (FSC) has signaled it is actively considering legal action against the Fair Work Commission (FWC) over its handling of its default superannuation funds review.
The FSC chief executive, John Brogden, canvassed the possibility of the legal approach after the FWC denied an FSC request for a special hearing on the validity of the FWC's expert superannuation panel and a call for a one-week extension for MySuper submissions.
The FWC president, Justice Iain Ross, denied the FSC's claims in a statement issued today in what represented another step in a long-running argument which has already seen two members of the expert panel stood aside over perceptions of conflict of interest.
Commenting on the FWC president's latest statement, Brogden said: "It is an extraordinary circumstance where the President of the Fair Work Commission appointed himself to the Expert Panel and is now using that as a defence on why a hearing cannot occur."
"This process des nothing but continue the status quo of the union-backed industry fund's monopoly on the default superannuation market," he said.
AUTHOR
Staff Writer
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
