Default funds excluded from Workplace Relations review

default-funds/compliance/superannuation-guarantee/financial-services-council/financial-services-companies/assistant-treasurer/FSC/government/

23 January 2015
| By Mike Taylor |
image
image
expand image

The Productivity Commission appears to have stymied the hopes of some financial services lobby groups to have default funds under modern awards included into its inquiry into Workplace Relations Framework.

While the Financial Services Council (FSC) and some individual financial services companies have strongly lobbied for changes to the default funds under modern awards regime and what they see as the undue influence of unions, their arguments will go unheard during the inquiry.'

The Productivity Commission's issues paper detailing what it expects to cover, specifically rules out discussion of the Superannuation Guarantee.

"While it may have arisen as an industrial relations trade-off, the Guarantee is now recognised as one of a set of interlocking retirement income policy measures, and consideration of it in any detail would therefore cover many issues not central to this inquiry," it said.

Notwithstanding the Productivity Commission's attitude to superannuation, the Assistant Treasurer, Josh Frydenberg, has signalled that the Government is concerned about opening the default funds sector to more competition.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS