Planners want super funds within Royal Commission ambit

14 July 2016
| By Mike |
image
image
expand image

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.

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. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks 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 ...

10 months 3 weeks ago

The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones....

17 hours ago

APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers....

17 hours ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

3 days 16 hours ago