Superannuation sector scrutiny continues

KEY PLAYERS in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday.

Committee Chair Tim Wilson said Friday’s hearing would provide an opportunity to ask questions about superannuation funds’ response to COVID-19.

“Before COVID-19 we have been scrutinising the super sector to ensure they’re putting members and their interests first, and the significant number of Australians who have accessed their super during the pandemic highlights the need for the sector to be there when Australians need them," Mr Wilson said.

“The scrutiny the Economics Committee has applied to the sector has led the government to propose welcome reforms to ensure that funds are acting consistent with member’s best interests.

“Similarly, it is important that the sector is not using its leverage to achieve interests not aligned with financial returns for members, such as needless advertising for a compulsory product or to intimidate listed companies to be participants in public debate.

"I’m looking forward to exploring this topic further, as particularly in times like these it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members."

The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

A full program for the hearing is available on the committee’s website.

Public hearing details

Date: Friday, 6 November 2020
Time: 10.30am to 4.45pm
Location: Videoconference

The hearings will be broadcast live at aph.gov.au/live.

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