ISA proposes new restrictions on retail superBY JAMES FERNYHOUGH | THURSDAY, 16 OCT 2014 12:45PMRetail funds should be banned from providing default super to employers who bank with them, according to Industry Super Australia (ISA) chief executive David Whiteley. Related News |
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Picking up on these comments perhaps industry fund members should be banned from dealing with ME bank due to cross share holdings and other conflicts.
This is an interesting concept. Would the Industry Funds also be willing to accept that they could not be a defualt fund for any industries where their union delegates are board or policy committee members or paid some portion of their income by the respective industry fund?
It would be interesting to know if all employees of every industry super fund in Australia are offered the very fund they work for as the default fund. It would also be interesting to know the percentage of employees of every industry fund in Australia who are members of the super fund they work for and secondly the percentage of employees who have elected not to be a member of the fund they work for and have decided to elect a fund of choice.
You would imagine this data would be readily available to David Whiteley as Chief Executive of ISA and it would be enlightening for this to made available to all.