The poll, undertaken by UMR on behalf of Industry Super Australia (ISA), surveyed 1,000 people last month, with 65 per cent of respondents believing that the banks’ for-profit super funds and their boards were also overly focused on making a profit from customers’ retirement savings.
“This survey captures the extent of mistrust of the major banks, in part because of the ongoing financial advice scandals,” ISA chief executive David Whiteley said.
“Over the last decade, the big banks have had to pay millions of dollars to customers in refunds, compensation or settlements and have been the subject of investigations and other enforcement action by the regulator and police.”
Mr Whiteley said the community at large has little trust in the big banks, “particularly people over 30”.
Big surprise. An industry fund poll specifically asking a question about trust of a competitor results in a finding supportive of the industry fund position. This isn’t news, it’s advertising. How exactly does a fund which ‘only exist for the benefits of members’ benefit those members by spending a fortune on advertising. Who profits? (perhaps the executives who can justify increased bonuses)?
As we know, david likes to feather his nest. Yes I love a big expose on industry funds. I have enough proof on one fund and asic files that also ended up in a office furniture auction. Asic needs to clean the assets out of the cabinets prior to selling.
But??? does David think the public dont trust people over age 30? really surprises me
I reckon if I commissioned an opinion poll asking “Do you think it’s appropriate for superannuation funds to be controlled by unions and used for supporting union activities, while trying to hide their real purpose by calling themselves Industry Funds?” about 99% of Australians would say “absolutely not!”
The Board of CBA has been missing in action throughout the CBA Financial Planning Scandal. They are now sitting on their hands watching as CBA plays out their latest cruel hoax on financial planning victims: the so called “Open Advice Review Program”; the monty pythonesque compensation scheme that doesn’t actually pay any compensation to victims.
This is just David Whiteley trying to divert attention away from the royal commission in to union corruption – and he is their head financier.