OPINION: The government will grant Australia’s pension funds a powerful role in providing financial advice, ignoring the warnings of consumer advocacy groups.
Assistant Treasurer Stephen Jones is keen to stress that the government’s reform of financial advice laws will be guided by the interests of “workers”.
Effectively, it is a rubber stamp for the model of so-called intra-fund advice, under which funds provide advice to members relating to their interests in the fund, collectively paid for by the broader membership.For the nation’s powerful super funds, which manage $3.3 trillion in retirement savings, it’s a wish that has been granted. As Levy wrote in her final report, handed down in December: “Most ...
“The review proposes that when providing advice, super funds will have discretion as to how they charge members. Giving this type of discretion for funds to provide conflicted advice is dangerous and risks harmful cross-subsidisation for a service that may not be widely used,” wrote the Choice-affiliated Super Consumers Australia group in its submission to the Levy review in September last year.
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