ISA pulls ‘fox in the henhouse’
Just weeks after the funding of Industry Super Australia’s so-called “fox in the henhouse” advertisements was raised by the Royal Commission, Industry Super Australia (ISA) has decided to shelve the series.
ISA chief executive, Bernie Dean has been reported as confirming the advertisements, which targeted the major banks, had been shelved on the basis of the Government having dropped its push for a majority of independent directors plus an independent chairman on superannuation fund boards.
The validity of the funding of the “fox in the henhouse” advertisements was directly raised during the superannuation hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry with Commissioner Kenneth Hayne raising the issue with AustralianSuper chief executive, Ian Silk.
Hayne questioned whether AustralianSuper’s funding of the advertisements could equate to the use of members’ funds for political advertising.
Dean was quoted on the Australian Financial Review as stating that the advertising campaign had only been launched reluctantly after the Government had failed to understand the best policy settings for super.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
