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.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
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Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.