Industry fund views split on sole purpose
Superannuation fund trustees and executives have been revealed as almost split on the question of whether superannuation should have been included in the current Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry.
A survey conducted by Money Management’s sister publication, Super Review at a recent industry funds focused conference in Brisbane, revealed only a relatively narrow majority of respondents believed superannuation should have been left out of the Royal Commission’s investigations.
The survey, conducted during the Conference of Major Superannuation Funds (CMSF), revealed only just over half of respondents (55.5 per cent) believed superannuation should have been excluded.
The survey was conducted at the same time as a number of industry funds were continuing to deal with letters received from the Royal Commission quizzing them on fund expenditures over the past 10 years in what appeared to be a direct reference to the sole purpose test.
Interestingly, the same survey revealed a similarly narrow majority of respondent agreeing that the sole purpose test should be modified to give funds greater flexibility and an increased ability to compete all areas of financial services.
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