ISA uses union lawyer to push default super case

Industry Super Australia (ISA) has sought to use a legal opinion developed by trade union Queen’s Counsel (QC) to convince the Productivity Commission (PC) of the importance of making the Fair Work Commission (FWC) integral to the selection of default superannuation funds.

In a submission filed with the PC late last week, the ISA has referenced the legal opinion of Melbourne-based QC, Warren Friend who has represented the Construction Forestry, Mining and Energy Union and is president of the Industrial Bar Association.

While the PC’s draft report on the Superannuation Efficiency and Competitiveness found that the Fair Work Commission should be kept out of default fund selection, the ISA’s legal argument developed by Friend has argued strongly for retention of the industrial judiciary in the fund selection process.

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Encapsulating the legal opinion, the ISA said Friend “concludes that the FWC possesses strong characteristics of independence, transparency and fairness of process”.

It said Friend had “found unpersuasive the argument of the Draft Report that the FWC is irreversibly flawed as a default selection venue because of past concerns with resolving disputes and industrial precedent.

However, in doing so, it noted that Friend believed amendments introduced by the former Labor Government in 2012 had changed the equation and promoted member benefit.

It quoted the QC as stating “the FWC is now explicitly required to make decisions in the ‘best interests’ of members, and is not limited to acting on the motion of the industrial parties”.

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Research done for ISA by a Lawyer who represents one of the most militant unions in Australia.
How can anyone believe that this is not going to be biased towards keeping the status quo where the majority of default funds are Industry (Union) Funds who want to keep fund choice away from employees to make their own decisions.
Typical blinkered approach from ISA.

Head line should be lawyer pushes for Industry Super funds not to have choice of super funds

So the union super funds have sought the opinion of a union lawyer about the role of a government agency set up by a union political party when they were last in office to force employers to put money into union super funds. Gosh, I wonder what he'll say?

ISA are as corrupt, self interested and vertically algned as any other major institution or bank, in fact probably worse.

They operate in a protected sphere of non-interference by ASIC, APRA or need to adhere to any standards regarding impartial advice in the client's best interests.They are run by unions who their own RC in 2015 classified as 'thugs. perjurers, liars and an environment where criminal activity flourishes and is encouraged'. Their asset allocations are skewed, they have opaque investments with zero information accessible, and their mistiming and utter falsifications of 'unlisted' or 'alternate' or 'other' assets is well documented. They are, in short, the Bernie Madoff pyramid ponzi scheme of Australian finance and once the inflows of SGC money dries to a halt, our nation will see a once in a lifetime scandal that rocks our very core.

But hey, that lawyer is well paid for now so it is all good, right?

Your comments seem to me to be spot on.

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