Banking Royal Commission announces superannuation hearing topics

The Banking Royal Commission has commenced hearings into superannuation.

The Banking Royal Commission has announced the superannuation topics and entities set to appear in the next round of hearings.

The Banking Royal Commission is holding the hearings on superannuation from Monday August 6 to Friday August 17.

The Terms of Reference for the Banking Royal Commission require it to inquire into:

“whether the use by financial services entities of superannuation members’ retirement savings, for any purpose, does not meet community standards and expectations or is otherwise not in the best interests of those members;”

“This round of public hearings will consider how RSE Licensees fulfil their duties to members of regulated superannuation funds and the extent to which structural or governance arrangements may affect the fulfilment of those duties,” says the Royal Commission, on its website.

“The hearings will also consider related issues such as selling practices in relation to superannuation, the relationship between trustees and financial advisers, the current legal regime and the effectiveness of regulators.”

A number of superannuation and financial services firms are set to appear before the Royal Commission for case studies on the topic of ‘Duties of RSE Licensees (including structural and governance arrangements, the relationship between trustees and financial advisers and selling practices)’:

  • AMP Super and NM Super (AMP)
  • Australian Super
  • Catholic Super (CSF)
  • Colonial First State (CBA)
  • Electricity Supply Industry Superannuation (Qld)
  • Host-Plus
  • IOOF
  • Mercer
  • Onepath and Oasis (ANZ)
  • Suncorp
  • Sunsuper
  • United Super (CBUS)

Qsuper will appear for case studies involving ‘superannuation funds and Aboriginal and Torres Strait Islander members’.

APRA and ASIC will appear for case studies involving the ‘effectiveness of superannuation regulators’.

Though the Royal Commission notes that “Counsel Assisting will tender statements from RSE Licensees not named above during the hearing”.

The sixth round of public hearings, which will focus on insurance, is scheduled for September 10-21. A seventh round of hearings in November will focus on policy questions arsing from earlier hearings.

The interim report of the Royal Commission is expected to be submitted to the Governor-General by 30 September 2018. The final report is required, by the Terms of Reference, no later than 1 February 2019.

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