Hume reiterates call to end super culture wars

hume/superannuation/regulation/government/

1 July 2019
| By Mike |
image
image image
expand image

Some industry superannuation funds have been just as guilty of investment under-performance as some retail funds, according to the Assistant Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume.

Interviewed on radio, Hume reiterated her call for an end to the culture wars between the various types of superannuation funds while acknowledging that while some industry funds had performed exceptionally well, there were also some industry funds which underperformed.

“The most important thing now is that we put aside the sector wars, whether it's between industry or retail, whether it's between self-managed super funds (SMSFs) and industry and retail super, and say, right, well, what's in the best interest of members?” she said. “That's what we're all about, the best member outcomes that we can get to.”

Hume also signalled that the Government had no intention of altering the existing time-table for lifting the superannuation guarantee, noting that it had been legislated and there was no intention to alter that approach.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

2 days 17 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5