Superannuation not simply another financial product: ISA

Industry Super Australia (ISA), competition review, default superannuation fundIndustry 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.” Read more...

Industry vs retail fight over default super funds to continue

The fight over which funds will be default super funds is set to continue, despite a ruling by the Federal Court of Australia.

Federal Court – FSC v Industry Super Australia

The Federal Court of Australia has published the reasons for ruling that the expert panel to determine default super funds under modern awards was improperly constituted, in the case of Financial Services Council Ltd v Industry Super Australia Pty Limited [2014] FCAFC 92.

This Expert Panel of the Fair Work Commission (FWC) was tasked with conducting a review of the default super funds in modern awards, as part of the MySuper changes. The panel is required to comprise either the President of the FWC or someone appointed in the presidents place; at least three experts in the subjects of superannuation, finance or investment management; and three other members of the Commission, who don’t need to be experts. Read more...