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The high cost of super industry advocacy
It seems superannuation industry advocacy does not come cheap, with AMP revealing that it spent nearly $3 million over five years on its membership of the Financial Services Council (FSC) and the Association of Superannuation Funds Australia (ASFA).
The expenditure is revealed in answers provided by AMP to the House of Representative Economics Committee review of the major banks and other elements of the financial services industry.
Asked how much was spent on membership of industry advocacy organisations that provide policy and data analysis service to member funds, AMP acknowledged that it retained membership of the FSC and ASFA.
“AMP retains membership of a number of industry associations which provide policy and data analysis services to members. These services are available to all members to access/participate in, rather than a service provided solely for the benefit of one member,” it said.
“The relevant industry associations for the AMP’s superannuation funds are the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC). For the 2019/2020 financial year, AMP spent $630,349 (ex. GST) on membership of industry advocacy organisations that provide policy and data analysis service to member funds.”
“Over the past five years, AMP has spent $2,930,853 (ex. GST) on membership of industry advocacy organisations that provide policy and data analysis service to member funds.”
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It would be interesting to know what they're spending on membership of the BCA and / or Australian Industry Group. Although, maybe AMP aren't a member. The privelege to advocate for detroying consumer and employee rights is probably too expensive for them!
surprises me you dont draw attention to the industry funds - then again they are embedded with the union movement, labor party, and 2/3rds of the regulators - so they probably don't need to declare zip
Yet another waste of money that has to be paid for by members. Another reason why the whole super system should be scrapped in favor of a government run pension like the future first fund. Take the money away from the private sector and let the government run it. It will be far more cost effective.