Could MySuper free-for-all lead to illegal inducements?BY JAMES FERNYHOUGH | THURSDAY, 10 APR 2014 10:00AMThe removal of super from modern awards could see the big banks employing illegal or dubious methods to get new employers to sign up to their MySuper products, according to Cbus chief executive David Atkin. Related News |
Editor's Choice
Australian Retirement Trust people chief to depart
Australian Retirement Trust has confirmed the departure of chief people officer Helen Jackson, who will leave at the end of the financial year.
SSGA loses $2.4bn in two months
State Street Global Advisors (SSGA) suffered $2.4 billion in net outflows over the last two months of 2023, the majority of which hit its Australian and international equities products.
AFCA seeks industry feedback on approaches
The financial complaints authority is asking the industry for feedback on how it approaches issues and reaches decisions.
Apex, ACA partner to broaden client services
Apex Group and ACA Group have formed a partnership to offer their clients a wider range of services.
Further Reading
![]() | Know the facts about lifetime annuitiesSaving for a happy retirement is Australia's #1 financial goal. Learn how LifeIncome can deliver more income, certainty, & choice. |
Products
Featured Profile
![Jason Huljich](https://media.financialstandard.com.au/prod/media/library/Contacts/kbrxsvtx_featured_profile.png)
Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
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?
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.
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.