ISA accuses Government of ideological vendetta

Industry Super Australia (ISA) has attacked the federal Government’s superannuation reforms, accusing the Government of basing their proposals on ideology rather than evidence.

ISA said that the Government’s bills before the Senate failed to address any of the substantive issues facing the superannuation industry. They do not believe, for example, that the legislation fixes problems with unpaid superannuation or undisclosed investment fees and costs.

The organisation accused the Government of failing to provide any evidence of how the proposed reforms will actually benefit member returns, as it said that there was none.

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Instead, they said that “the Government has resorted to dog-whistling about the role of unions on trustee boards.” This follows increased focused by the Government on director fees paid to union trustees.

ISA also questioned why the reforms target industry super funds, as it asserted that they were the best performing part of the sector and do not have the history of misconduct of bank and retail funds.

In the last two years, ANZ, National Australia Bank, Commonwealth Bank, Westpac, Macquarie Bank and AMP have collectively paid over $545 million in compensation and refunds following admitted or alleged misconduct, according to ISA. Industry super funds, in contrast, have not paid any.

ISA called on the Government to withdraw its current legislative proposals, and instead sit down with the superannuation industry to find another solution to improving member outcomes.

Minister for Revenue and Financial Services, Kelly O’Dwyer, has previously denied that the Government’s super reforms are targeted towards unions and industry super funds.

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Am I the only one recognizing the hypocrisy here, or is it so evident the rest of you aren't bothering to comment?

Labor who has direct conflict of interest (they call it 'aligned' interests), with the unions and the ISA, hesitated not at all to take sledgehammers to our profession, whilst 'failing to provide any evidence of how the proposed reforms will actually benefit' clients. Sound familiar?

And when we 'called on the (then Labor) Government to withdraw its current legislative proposals, and instead sit down with our industry to find another solution to improving client outcomes' we were studiously ignored, lambasted in the press as 'crooked' and rather than 'dog-whistling' they unleashed their pet hounds, Medcraft & Kell, to wreak utter havoc and discord.

While casting aspersions on the banks and financial institutions for 'admitted and alleged misconduct', it can not be ignored that at least they have paid over $545 million in compensation and refunds. When the unions were ordered to provide documents that proved their misconduct, and in cases criminal misconduct and corruption, they destroyed the evidence due to 'forgetting to inform' the person who very conveniently coincidentally was 'already scheduled' to routinely destroy that batch. So you tell me, who is the more trustworthy as a board member of a fund that controls hundreds of millions of dollars?

The ISA is a cancer that has to be cut out of the financial system and unions, who traditionally have links to thuggery, stand over tactics and elements in the criminal world, should never have been allowed into this space, except for the fact that a Labor Government originally orchestrated their position within it. You have to almost admire Keating for the foresight & pure conniving little c- - t that he was.

John i think you will find most of us planner in agreement with you, over the past years there have been many comments on this issue. It all comes down to public perception, the ISA are damn good at moulding this, we on the other hand are so fragmented we cant even get together to fight LIF. This is the issue mate , our associations have no guts, and we have no voice in the public arena.

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