Superannuation sector scrutiny continues

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

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

"We are continuing our scrutiny of the super sector to ensure they’re putting members and members’ interests first," Mr Wilson said. "The significant numbers of Australians who have accessed their super during the pandemic highlights the need for the sector to be there for Australians when they need them.

"Recently our scrutiny has raised questions about bonuses above $30 million for individual fund managers from the superannuation savings of Australians, prompted ASIC investigations into potential insider trading and anti-competitive behaviour within funds.

'Following on from our hearing on 6 November, we are looking forward to exploring these and other super related topics 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 financial 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, 20 November 2020
Time: 10.30am to 5.30pm
Location: Videoconference

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

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