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  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.
For this panel the President chose to appoint the Deputy President to sit in his place, and appointed the other members. The issue arose when two of the three expert members of the panel were disqualified due to a conflict of interest and in their place the President appointed another expert and himself to sit on the panel.
Read More »Industry vs retail fight over default super funds to continue