Survey reveals super split on Royal Commission

Superannuation fund executives and trustees were overwhelmingly in favour of the Government holding a Royal Commission into the banking and financial services industry but split on the question of whether superannuation funds should also come under scrutiny.

A survey conducted by Money Management's sister publication Super Review just ahead of the Government's announcement of the Royal Commission revealed that more than 60 per cent of superannuation fund executives were in favour of the Government moving to scrutinise banks and other financial services organisations.

However, the survey, conducted during the Association of Superannuation Funds of Australia (ASFA) national conference in Sydney in late November and early December showed the trustees and executives were much less willing to place their own organisations under the microscope.

Related News:

Asked whether they believed a Royal Commission should be held into banking and financial services, 61.5 per cent of respondents answered 'yes' with 38.4 per cent answering 'no'.

Asked whether, if a Royal Commission were held it should include superannuation funds, 48.7 per cent answered 'yes', with 43.5 per cent answering 'no'.

The importance of the Super Review survey, sponsored by EISS Super is that the Government announced the calling of the Royal Commission on the second day of the ASFA conference, meaning that many respondents unaware of its broad terms of reference and the intended significant scrutiny of superannuation funds.

The full survey results will be published in the March edition of Super Review.

Related Content

NAB insists fees for no service a “process issue”

The National Australia Bank (NAB) chief executive, Andrew Thorburn, has defended some fees for no service charged by the bank as a “process issue”...Read more

FPA advocates best interest duty for licensees

Licensees should be obligated to a best interest duty in the same way as financial planners, according to the Financial Planning Association (FPA).In ...Read more

Super fund members to face more volatility

The continuing volatility of global share markets is going to be an ongoing concern for super fund members, particularly for those edging retirement, ...Read more



Add new comment