Industry welcomes preliminary Cooper report
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The first preliminary report of the Cooper Review into superannuation has been broadly welcomed by the financial services industry, particularly the mooted change in industry architecture to place more focus on members.
AMP Financial Services managing director Craig Meller said the proposed change in architecture was welcome given the importance of superannuation to individuals' retirement savings.
“We are delighted that the recommendations start from the perspective of the individual member, rather than that of a product or industry sector perspective,” he said.
The chief executive of the Investment and Financial Services Association (IFSA), John Brogden, said his organisation particularly welcomed the view of the Cooper panel that default superannuation should be a market open to all sectors.
He said this would ensure people gained the best product, rather than what was dictated by an award.
“The default fund system is currently a closed shop, yet IFSA has retail and corporate super funds as members that could offer funds to employers and their staff which have significantly lower fees than industry funds and superior life insurance offerings,” he said.
AUTHOR
Mike Taylor
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