Australian Labor Party (ALP) members of the House of Representatives Standing Committee on Economics have questioned why industry funds and associated organisations have been subject to more scrutiny that retail businesses such as AMP Limited.
The ALP members of the committee questioned why, during hearings today, industry funds organisations such as the Industry Super Property Trust (ISPT), Industry Super Holdings, Mine Super, Hostplus and Cbus were subjected to a longer grilling by the committee than the only retail super player to appear, AMP.
The committee’s deputy chair, Labor’s Dr Andrew Leigh raised the issue pointing out that AMP, which had been subject of substantial controversy, was being required to spend just 45 minutes before the committee while Industry Super Holdings, ISPT and Cbus were scheduled to spend an hour facing questioning.
Leigh’s allegations were backed by Victorian Labor back-bencher, Dr Daniel Mulino.
Leigh questioned why ISPT was being required to appear before the committee when it had not even appeared before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
In flagging today’s committee hearing, Wilson said the “hearings are an important part of the committee’s scrutiny of the financial sector”.
“Due to the impact of the COVID-19 pandemic a significant number of Australians have accessed their super to support themselves during this difficult time. It is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members,” he said.
“The committee’s examination of the groups will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.”
In closing the hearing session involving ISPT, Wilson pointed out that the organisation had never appeared before the committee before while AMP had appeared four times previously.