POWERED BY MOMENTUM MEDIA
FSC challenges Fair Work Commission president
The Financial Services Council (FSC) has ramped up its bid to contest the Fair Work Commission’s (FWC’s) review of default funds, seeking an urgent hearing at which it will contest the validity of the constitution of the FWC’s expert superannuation panel and its ability to proceed.
The FSC announced it had made an urgent request for a hearing before the FWC prior to the 28 April deadline for MySuper applications, with FSC chief executive John Brogden saying he did not believe the decision by FWC president Justice Iain Ross to appoint himself to the expert panel represented adequate remedy.
Justice Ross announced late last week that he had opted to appoint himself to the expert panel to remove any doubt that it was properly constituted under the relevant legislation, but Brogden claimed this might not be sufficient.
“The extraordinary move by the Fair Work Commission President to appoint himself to the Expert Panel is not enough to remedy this issue,” Brogden said. “The Expert Panel must be validly reconstituted before the process can proceed. The process is fast losing the confidence of the industry and must be urgently remedied.
“The FSC does not believe that the Fair Work Commission is the appropriate place for the selection of MySuper funds,” he said. “APRA is the regulator responsible for authorising all MySuper products. It has credibility and expertise and would be better suited for overseeing the selection process.”
He said the FSC has also requested a seven-day extension to the 28 April deadline for MySuper applications so the matter could be resolved.
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(%)
