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Get super house in order - Minto
The Australian superannuation industry needs to get its house in order on key policy issues or risk having it done by someone else, according to Association of Superannuation Funds Australia (ASFA) chairman and TAL chief executive, Jim Minto.
Opening the ASFA conference in Melbourne, Minto said the industry could not afford to wait to get its house in order in circumstances where there was an obligation to deliver on public policy objectives and to recognise that competition should not be allowed to get in the way of members' best interests.
"Being the beneficiaries of public policy comes with a price," he said.
Minto said that unless the industry delivered on its obligations it would ultimately be held to account by the Government.
"We are being held to account now and we will be held to account more in the future," he said.
"There is much to do and we need to step up and control the issues."
Minto said that while competition was important to the industry, it was not something that should be pursued at the expense of members.
"We compete, but we must remember that members come first," he said.
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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.
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