The government has opened an expressions of interest (EOI) process towards establishing a consumer advocacy body for superannuation.
An announcement from the Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, said the body would fill a “critical void in superannuation policy debates by becoming the voice of consumers”.
The announcement noted it was also a key recommendation of the Productivity Commission’s report ‘Superannuation: Assessing Efficiency and Competitiveness’, which found that super discourse was dominated by interests of funds and trustees rather than members.
The EOI would be open until 13 January, 2020 and interested parties would be able to provide feedback on how the body should be established and funded, its functions, and its governance and accountability arrangements.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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