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Retail super wounded? “Tis but a scratch”
Rollover was greatly pleased to hear unanimity among panellists at the Future of Super Conference that retail super funds would survive despite vicissitudes visited on them by the Royal Commission and, indeed, the Australian Prudential Regulation Authority.
Rollover would, of course, have always expected the Financial Services Council’s Sally Loane to back the continuing strength of retail funds – they are part of her constituency – and similarly he was not surprised to hear a consistent view from Association of Superannuation Funds of Australia chief executive, Dr Martin Fahy, but Australian Institute of
Superannuation Trustees chief executive, Eva Scheerlinck was something of a surprise.
Loane drew on the rhetoric of George Maynard Keynes is suggesting the “animal spirits” of free enterprise should not be under-estimated while Scheerlinck suggested that industry funds were always open to competition.
However, NESS Super chief executive, Paul Cahill took the prize for likening the health of retail master trusts to the black knight in Monty Python’s Holy Grail where, sans an arm, he declared: “Tis but a scratch”.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
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