In a statement released today, Senator Sinodinos responded to the statement issued by the ISA this morning in which the industry superannuation sector lobbyist said it had obtained advice suggesting amendments made via regulation rather than legislation may be deemed invalid by the courts.
“As foreshadowed publicly in 2013, the Government will make regulations to give effect to its FOFA amendments, to the extent legally possible, to provide certainty to industry prior to the legislation being passed by the Parliament,” the assistant treasurer said.
“It has always been the case that the regulations will be backed by legislation. This legislation will be introduced into Parliament in the coming weeks.
“In relation to the legal advice obtained by Industry Super Australia, all Commonwealth legislation can be legally challenged and that is ultimately a matter for the courts.
“The Government does not intend to speculate on hypothetical court challenges to the regulations.”
The current government is cleaning up the budget, the boats, the batts and FOFA. Reality is bleating from those who introduced less than satisfactory legislation / outcomes can be taken with a grain of salt. Let the new government get on with it. The constituents require it!
The activities of the ISA need to be included in the Royal Commission into union activities and the amount of money and influence handed back to the unions via the funds managed by the Industry Super Funds. The conflicts of interest of the directors and trustees of the Industry Funds need to be highlighted and removed, so mebers have faith in those who profess to be acting in their interest.
‘Show me the law’…. Given your post, the content of the proposal has gone over your head so I would hardly think the letter of law would be any use to you. The ISA stance is likely to be more interesting given they have been hiding behind this ‘We are the consumer savior’ rubbish. Most know it is complete BS including the Govt. ISA is about market share and backhanders to their Union mates and supporters. Neither the ISA or Unions are motivated in the interests of their members.
I’m confused by the ISA stance – they haven’t come out against the FoFA changes to commissions, so why do they care about the regulations? There is nothing in the regulations about the best interests duty, it is almost entirely about conflicted remuneration.
What a cunning plan..and it worked! the ISA have flushed out government and wedged them into bringing legislation before the parliament rather than its preference to run with ineffective regs.
Now the Senate can send this Bill to committee for detailed examination which will no doubt expose the true motivations, and champions, of this morally bankrupt ruse on consumers. Bring it on!
It’s time these cowboys were put in the same place as their union counterparts. Hopefully the royal commission will expose their hypocritical not for profit & for the member rubbish they’ve been expousing for years.
Their members will at least start to understand what their money is truly being used for, right Mr Shorten?
Thank you Mr Sinodinos for being logical and practical in your attitude to FOFA and not putting up with the rubbish put out by the ISN etc
So glad to see I’m not the only one who has had a guts-full of ISA / ISN / Whitely & Co.