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.
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
