Choosing a superannuation fund is one of the most important financial decisions a person will make. However, the superannuation system is failing countless Australians. People across Australia continue to be defaulted into underperforming funds, leaving them with hundreds of thousands of dollars less in retirement savings. Millions of duplicate accounts in the system and poorly targeted insurance products are also unnecessarily eroding people's hard-earned savings.
CHOICE alongside Consumer Action Law Centre, Financial Rights Legal Centre, CCLWSA, Financial Counselling Australia and Indigenous Consumer Assistance Network welcome the proposal from Treasury to establish a permanent consumer advocacy body for superannuation. Given the size, complexity and compulsory nature of the superannuation market, it is fitting that an adequately funded and independent advocate exists to give a voice to consumers. We recommend that Super Consumers Australia be this independent voice for consumers in the superannuation system.
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