Financial Standard Comments - Legalsuper calls for default funds review Legalsuper is asking the Federal Government to review regulations around default funds, claiming conflicts of interest and poor performing funds are hurting the industry. https://www.financialstandard.com.au/feed/latest?story=12092782 Tue, 05 Jul 2011 15:43:57 +1000 Tue, 05 Jul 2011 15:43:57 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Trevor () Shorten does not want in any way address or correct this situation.
Just look at the media commentary on the Industry Fund - MTAA Super and the APRA reported concerns over the last couple of years.
With the introduction of Simple Super for the disengaged employees I maintain that special rules be made for such Super fund investments.
1. 100% liquidity.
No "illiquid - direct" investments in property, infrastructure, agribusiness, mortgage funds, works of art etc,.
Only investments that are readily traded on the secondary market.
2. 100% transparency. Investment report provided to all members as at 30/June/each year within 2 months of the close of the financial year.
3. No financiallly engineered or structured investments.
All industry/awards be stripped from stipulating a particular Superannuation fund.
All funds that meet the Simple Super definitions be acceptable.

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]]> Trevor () Tue, 05 Jul 2011 15:43:57 +1000