Financial planners are highly resistant to a Royal Commission into the banking and financial services sector but believe any such scrutiny should include superannuation funds.
The survey, conducted by Super Review's sister publication, Money Management, revealed that while more than 70 per cent of respondents did not believe a Royal Commission was justified they believed that if it had to be held, its terms of reference should include superannuation funds.
When asked what sectors of the financial services industry a Royal Commission should focus on, nearly 80 per cent suggested it should include superannuation funds alongside banks, insurance companies, and fund managers.
While the Government has consistently resisted calls for a Royal Commission into the banking and financial services industry, its narrow majority in the House of Representatives and the make-up of the new Senate suggest a compromise may have to be reached.
The survey also revealed that respondents regarded vertical integration as being a root cause of many of the problems which had given rise to calls for a Royal Commission.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.