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.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.