Industry Super Australia says new APRA performance figures put into question lobbying efforts from banks to dismantle the industry super fund governance model.
Analysis of annual APRA data shows that over the 10 years to 30 June 2016, industry super funds have delivered returns to members of 5.4 per cent, compared to retail and bank-owned super fund returns of 3.6 per cent, ISA said in a statement.
For public offer funds with reported 10-year returns, 13 of the top 15 are industry super funds, while all 15 of the bottom 15 performing public offer funds are retail funds, the statement said.
ISA chief executive David Whiteley said ISA analysis of the APRA figures underscored the absurdity of changing super laws to suit the vertically integrated business models of the big four banks.
“These performance figures are a timely reminder of the need to place public policy imperatives ahead of the commercial imperative of the banks,” Mr Whiteley said.
“Handing the default super system to the banks could ultimately mean many Australians will be forced to work longer or retire with less.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- 17 Aug 2017Formerly banned adviser to face further ASIC chargesBy Staff Reporter
- 16 Aug 2017Challenger announces ‘strategic relationship’ with Japanese insurerBy Staff Reporter
- 16 Aug 2017Income protection insurance launched for on-demand workersBy Staff Reporter
- 17 Aug 2017New evidence for self-licensing surgeBy Aleks Vickovich and Linda Santacruz
- 16 Aug 2017RegTech to reduce adviser misconductBy Aleks Vickovich and Larissa Waterson
- view all