Industry Super Network backs FOFA bill

29 November 2011
| By Tim Stewart |
image
image
expand image

The Industry Superannuation Network (ISN) has welcomed the reforms contained in the second tranche of the Government's Future of Financial Advice (FOFA) reforms, tabled in Parliament last week.

ISN chief executive David Whiteley said the bans on conflicted remuneration and the 'best interests' test would ensure that super products were recommended on their net performance, rather than sales commissions and other incentives paid to financial advisers.

The reforms contained in the FOFA bills were a set of "moderate, independent measures" that had been developed through extensive consultation with the industry, said Whiteley.

He also praised the Government's move to raise the superannuation guarantee from 9 per cent to 12 per cent.

"Increasing the Superannuation Guarantee contribution to 12 per cent will add tens of thousands of dollars to the retirement income of average Australians," Whiteley said.

The ISN also supported the Government's moves to increase the efficiency of the superannuation system through tax incentives for low income earners and the removal of commissions in super, Whiteley added.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 2 months ago
Kevin Gorman

Super director remuneration ...

1 year 2 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 2 months ago

The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts....

2 days 15 hours ago

The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice....

3 days 13 hours ago

Where the RBA goes next is anyone’s guess, with economists and market pundits offering wildly different takes on the governor’s tone during the press conference and wheth...

3 days 14 hours ago

TOP PERFORMING FUNDS