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'No beef' with industry funds: Frydenberg

Assistant treasurer Josh Frydenberg says that while he is committed to boosting the number of independent directors on industry fund boards, the sector is not being unfairly targeted.

Speaking exclusively to ifa, Mr Frydenberg said the government backs the Murray Inquiry recommendation to increase the levels of good governance in the industry fund sector.

“My beef is not with industry funds,” he said. “In fact, I am a member of an industry fund and I have had some very productive consultations with them.

“My argument is the same as the one put forward in David Murray’s report about good governance in superannuation and therefore the equal representation rule. We should be looking at raising the number of independent directors.”

Mr Frydenberg also took issue with the lack of competition in the superannuation sector. “Why shouldn’t MySuper products that are APRA-regulated be available to employees and employers and default fund products?” he asked.

He also ruled out a royal commission into white collar crime – including wrongdoing in the financial planning industry – arguing that the various existing inquiries have been sufficient for identifying and remedying problems.