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.

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.