Super funds face scrutiny in Canberra

AustralianSuper, AMP Super, IOOF, QSuper and Hostplus are just some of the funds that will front the committee for a two day hearing in Canberra in November as part of its ongoing review of the four major banks and other financial institutions.

Other funds set to appear include Suncorp, Nulis Nominees Australia and Rest.

IFM Investors, Industry Super Australia, the Association of Superannuation Funds of Australia will also front the committee.

The House of Representatives Standing Committee on Economics has not previously scrutinised the superannuation industry, but chair Tim Wilson MP said the hearings are an important part of the committee's review into the financial sector.

"As the superannuation system is a significant mechanism enabling Australians to support themselves in retirement, it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members,' Wilson said.

The committee said its examination of the groups will include monitoring the sector's progress on implementing relevant recommendations from the Royal Commission.

The hearings will take place in Canberra on November 21 and 22 this year.

The government announced in July that it would extend the remit of Committee on Economics to include the superannuation and insurance sectors.

Read more: AMP SuperAssociation of Superannuation Funds of AustraliaAustralianSuperHostplusIFM InvestorsIndustry Super AustraliaIOOFNulis Nominees AustraliaQSuperRoyal CommissionSuncorp
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