Consumer groups, industry fund representatives and trade union officials have been named to fill four of the 15 positions making up the peak consultative group that will oversee the Government’s Stronger Super changes, with none of the major financial planning groups being represented.
The make-up of the peak consultative group was announced by the Assistant Treasurer and Minister for Financial Services, Bill Shorten, with planner representation appearing to be via the Financial Services Council and the SMSF Professionals’ Association.
The panel will be chaired by the former chairman of the Future Fund, Paul Costello, and alongside groups such as the Industry Super Network, the Australian Institute of Superannuation and Trustees, the Australian Council of Trade Unions and Choice, the panel includes representatives from two law firms, the Australian Chamber of Commerce and Industry, the National Seniors Association, the Council of Small Business of Australia, Towers Watson and the Pro Chancellor of the University of Technology, Sydney.
Shorten said the group would begin detailed consultation on the implementation of the Government’s reform package later this month and described it as comprising representatives of key stakeholders.
According to Shorten, other interested stakeholders will be able to provide input into the design and implementation of the reform via the Stronger Super website established by the Treasury.
While the Stronger Super changes are, for the most part, focused on the superannuation sector, a number of recommendations flowing from the Cooper Review directly impact the financial planning industry.
