Industry Super Australia has said that “superannuation not simply another financial product,” in a submission to the Competition Policy Review.
“Competition in the superannuation industry is threatened by the market dominance of large banking corporations that provide a range of integrated services, including superannuation.”
Industry Super Australia (ISA) says the superannuation system contains “significant market failures,” and this means “default superannuation arrangements should be free from anticompetitive trading arrangements which also negatively impact on member retirement incomes.”