From the Government’s favourable Herald Sun today comes more bad press for Arty Sinodinos’ cowboy super reforms:
Australian Super chief executive Ian Silk told the Herald Sun on Thursday that financial planners’ and big banks’ profits were being put ahead of retirees’ interests.
…“This is not in the best interest of consumers,” he said.
“One person’s red tape is another person’s consumer protection. The battle should not be seen as an industry versus retail fund one.”
“There is a groundswell of opposition to the changes as their impact becomes clearer. The Government needs to pay less heed to the industry and more to consumer interests.”
Australian Super is the biggest fund in the country with $70 billion in assets. Recall that the reforms will allow conflicted planners to deliver narrow advice using in-house products. Yeh!
