Bendigo plays trade practices card on default funds
Bendigo and Adelaide Bank has added its voice to the calls for the Government to change the default funds under modern award regime and open it to all eligible MySuper products.
In doing so, the bank has also suggested that closing out all MySuper products is a serious trade practices issue.
Bendigo Wealth executive, John Billington has said that under current arrangements, his organisation's APRA-authorised Bendigo MySuper product is excluded from being a default fund under modern awards despite being well-regarded and low-cost.
"If our MySuper product is authorised by the Australian Prudential Regulation Authority (APRA), then we should automatically be eligible to be a default fund irrespective of modern awards," he said.
Billington said logic should dictate that Bendigo should be able to offer its product to employers and their employees everywhere.
"We've done the right thing by consumers in building an excellent MySuper product with a very low fee structure and all we are asking is for the opportunity to be able to finally compete on a level playing field," he said.
"Restrictive trade practices have never been a good thing for consumers, and we welcome the opportunity to compete equally through our extensive branch network and importantly, in rural and regional Australia where access to services can be problematic," Billington said
