Banking Royal Commission laws are good news for super consumers
Super Consumers Australia welcomes laws passed by Parliament late yesterday
that will enhance consumer protections in the superannuation market.
Introduced by the Federal Government in response to key recommendations of
the Banking Royal Commission, the laws include a ban on the unsolicited
selling, or ‘hawking’, of superannuation products.
“Being sold into a poor quality super fund can have a devastating impact on
financial security in retirement. With the proposed introduction of account
stapling it becomes more important than ever that people aren’t sold into
dud products”, says Xavier O’Halloran, Director of Super Consumers
Australia.
The laws will also better equip the regulator to protect individual members
who have had their retirement savings jeopardised by the misconduct of
superannuation funds.
“Stronger scrutiny of the conduct of superannuation funds and their impact
on individual members has been a long time coming”, says O’Halloran. “The
new laws will help give consumers confidence that if something goes wrong
the regulators are there to enforce the law.”
Super Consumers Australia was established in 2019 as an independent voice
for consumers in superannuation. Its establishment funding is set to run
out in December 2021
Media Contact: Xavier O’Halloran, 0415 823 607, xohalloran@superconsumers.com.au
