Financial Standard Comments - Could MySuper free-for-all lead to illegal inducements?

Comment by Charles Smith (Super)

Charles Smith (Super) — Thu, 10 Apr 2014 13:12:27 +1000

So David, are you saying that APRA has been compromised by allowing these evil banks to register their own MySuper products? Wasn't that process gruelling enough? What did APRA miss in this process that the FWC would pick up on a second review?

And take the unions out of the process? Have you run that by your members? How likely is that going to be? Are you saying that all employers are corruptable and that all Australian banks are corrupt? How about the union faction of your Fund? If you want to throw stones in glass rooms...I'd prefer to be in a glass room of bankers anyday....wouldn't you?

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Comment by Abigail Lester (Wealth Management)

Abigail Lester (Wealth Management) — Thu, 10 Apr 2014 14:34:06 +1000

David has made some very good points, corporate inducement does happen but it's not likely to be found because the current government would never launch a royal commission into the dodgy practices of corporate Australia.

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Comment by Paul Jamskins (LuvSuper)

Paul Jamskins (LuvSuper) — Thu, 10 Apr 2014 16:08:31 +1000

Charles, given that a 'glass' room of bankers got the world into the GFC in the first place..that is the last place i would like to be. From my own experience in working in banks and superfunds the key difference here is that currently bank customers make a choice on their super product on its own merits..It is likely banking managers under this future scenario would be offering incentives on cheaper banking products for the employer's benefit if super was included in their banking package. This benefits the employer and not the employee and it is a clear conflict of interest in making a decision about a default fund.

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