The Federal Court has ruled in favour of the Financial Services Council in its dispute with the Fair Work Commission over the validity of the MySuper default fund selection panel.
A full bench of the court ruled on Friday afternoon that the FWC expert panel is not “correctly constituted”, finding also that the decision by the FWC president to appoint himself to the panel is not valid.
“The Federal Court found the FWC Expert Panel lacked the number of superannuation experts required by law,” said FSC chief executive John Brogden in a statement.
“We have argued from the beginning that the Expert Panel was conflicted and then incorrectly reconstituted.
“We want an open, competitive process which allows every APRA-approved MySuper product to compete for default superannuation contributions.
“A genuinely competitive market will lead to more transparency, lower fees and better services for employers and employees.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 May 2018‘Never been a better time’ for advice: MorningstarBy Killian Plastow
- 25 May 2018ASIC takes former AFSL director to courtBy Reporter
- 25 May 2018Henderson Maxwell owner launches investigationBy Aleks Vickovich
- 25 May 2018CBA issues update on AUSTRAC proceedingsBy Reporter
- 25 May 2018Employers granted unpaid super amnestyBy Jessica Yun
- 25 May 2018Bernardi backs bank withdrawal from wealthBy Aleks Vickovich
- view all