Senate Super Governance Report Released

The Senate Economics Committee has released its

third interim report

as part of the inquiry into improving consumer experiences, choice, and outcomes in Australia’s retirement system.

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The third interim report focuses on the shocking governance standards undermining the superannuation sector, which have let down millions of Australians.

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This package of recommendations focuses on conflicts, competence and independence within the super sector.

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These recommendations address the significant issues that have plagued Cbus and other super funds in recent months, on which Labor has been silent. 

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Our recommendations prioritise consumers over shareholders, including: 

• Shareholders must pay regulatory fines - not consumers; 
• Australian Prudential Regulation Authority (APRA) to report on Best Financial Interest Duty (BFID) compliance of super funds;
• Superannuation trustee boards to have a majority of independent directors, and an independent Chair; and 
• Competency rules that require super fund directors and chairs to have relevant experience.

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The Senate’s report serves as a policy basis for any party interested in consumer protection.  

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