Gov to introduce a super consumer advocate

The Federal Government will establish a superannuation consumer advocate and has asked the Treasury to recommend a potential provider following a call for expressions of interest, Assistant Treasurer Stuart Robert announced yesterday.

This would be the first step taken by the Government to implement recommendation 28 of the Productivity Commission’s super report, which pushed for an independent, adequately resourced super members’ advocacy body.

The Commission had found that member advocacy was missing from the discourse on super, which instead focused on funds’ and trustees’ interest. “This is at the heart of many problems with the system,” the report said.

Related News:

As part of the establishment process, the Government had asked the Treasurer to also recommend the potential scope of the advocate’s activities and to formulate accountability, governance and funding arrangements.

Robert cited the complex and compulsory nature of super as a reason such an advocate was vital, noting that the consumer body should have specialist knowledge.

Related Content

Gov strengthens whistleblower protections, remedies

Continuing Canberra’s moves against corporate misconduct and crime, Parliament yesterday passed legislation strengthening corporate and tax whistleb...Read more

Boost in super returns offsets December losses

While superannuation funds encountered rough waters in the 2018 December quarter, the 2019 March quarter saw skies clear, with local and international...Read more

Share market strength positive for super funds

The ongoing rally in the share markets has treated superannuation funds well, with Chant West finding that the median growth fund gained 2.7 per cent ...Read more



Add new comment