Industry super funds anti-bank campaign

Industry Super Australia has backed its recent anti-bank rhetoric with the funding of a new advertising campaign with the message that the bank foxes need to be kept out of the superannuation hen house.

The campaign, launched at the weekend, claims the banks are trying dismantle the default fund model, which it describes as the “most successful part of the superannuation system”.

The advertising campaign came as the Government has recommitted to opening up the default fund regime to more competition and its final scene depicts the hand of a federal politician opening a hen house door to waiting foxes with the tag-line “banks aren’t super”.

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According to ISA chief executive, David Whiteley the commercial “responds to bank attempts to secure unfettered access to Australia’s default superannuation system for those who don’t choose their own super fund”.

“The banks are quietly pressuring federal politicians to remove the laws that protect Australians who save through workplace default funds,” he said.

“If the banks succeed in bringing the default system down, the super savings of millions of Australians could be at risk,” he said.

The ISA claims research conducted ahead of the advertising campaign shows strong public distrust for banks when it comes to super, with Whiteley adding: “The five million Australians who entrust their savings to an industry super fund expect us to call out exactly what the banks are up to – and our politicians to stare them down”.

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The irony of this, is that indsutry funds are taking money from their members accounts to fund an advertising campaing that seeks to destroy value in their members own accounts , ie. bank shares, which probably make up around 10% of a typical account. Has it ever been more obvious that those running these funds are more interested in their own selfish agenda, rather than the best interests of their members?

Gimme a break ! History shows, the industry funds generally have had the best returns and growth so its indicated that their members interests come first

For all the "spot light" the banks get on inappropriate behaviour I can't recall them ever spending the hard earned $$$ of its customers/members on a smear campaign. If the industry is "fair dinkum" around moving forward ALL parties need to get on the same page.....there are too many un-advised Australians who depend on it. #GetItTogether

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