POWERED BY MOMENTUM MEDIA
Conflicts see panel members removed
Two of the people appointed to the Fair Work Commission's (FWC's) expert superannuation panel have been removed from the process due to perceived conflicts of interest.
The people, who were appointed under a process put in place by former Workplace Relations and Financial Services minister, Bill Shorten, have been removed as a result of a decision by the president of the FWC, Iain Ross.
The pair, MTAA Super trustee board member, Vicki Allen and Australian Ethical Superannuation Fund trustee board member, Steve Gibbs, were held by Ross to be open to perceptions of conflict of interest because both funds had MySuper products.
Further, Ross said in his decision that the position of Allen and Gibbs on the expert super panel made it likely they would see "confidential or commercially sensitive information about funds or entities that are actual or potential competitors".
The potential conflicts of interest of members of the specialist superannuation panel were first raised by the Financial Services Council (FSC) in submissions to the FWC, and the Senate was later told by the Minister for Employment, Senator Eric Abetz that the panel members were earning $922 a day.
Abetz also made clear in an answer to a question on notice that he had not supported the appointment of the four panelists.
The removal of Allen and Gibbs from the panel process leaves just one remaining panelist.
Allen announced in correspondence to the president of the FWC that she had late last month resigned from the board of Pillar Administration which handles the superannuation administration of First State Super, Aon Master Trust, Virgin Super and the Public Sector Superannuation Accumulation Plan.
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
