Retirement
‘Victory for consumers’: Super advocate group ready to launch
It’s been in the works for 20 years, but Australia’s superannuation members will soon have a body exclusively on their side.
‘Victory for consumers’: Super advocate group ready to launch
It’s been in the works for 20 years, but Australia’s superannuation members will soon have a body exclusively on their side.
The Superannuation Consumers’ Centre (SCC) has received a $2.5 million funding boost, which will allow the not-for-profit organisation to finally become fully functional after two decades of discussion. The development has been described by the SCC as a "victory for consumers".
The funding injection is the result of regulatory action against ANZ and the Commonwealth Bank over mis-selling of superannuation products.
Both banks accepted enforceable undertakings from the corporate watchdog, ASIC, to make a $1.25 million community benefit payment in addition to amend their sale practices.
It’s a fitting development, SCC chairman Rod Stowe said.
“This is an excellent example of the way enforceable undertakings can improve consumer outcomes. ASIC has ensured that the banks change their behaviour and consumers win through funding for a specialist organisation that will advocate for industry reforms to stop this kind of behaviour in the future,” he said.
“This funding will allow the Superannuation Consumers’ Centre to fund expert staff to represent and champion the interests of consumers in superannuation for the first time.”
The SCC has been under discussion for the last 20 years, with inquiries, reports and experts all agreeing on the need for a consumer advocate body.
“There are already specialist consumer groups in the health, energy and telecommunications markets. Given that the superannuation sector is now worth over $2 trillion a year, a specialist consumer organisation in this space is long overdue,” SCC board member Jenni Mack said.
However, its development stumbled after the industry was unable to match the government’s agreed $10 million contribution in 2012.
Now ready to operate, the SCC has four aims:
1. To reduce consumer anxiety and confusion when using the super system;
2. Increase consumer engagement to ensure people are making the most of their super;
3. Improve the economic security of Australian retirees; and
4. Improve retirees’ standard of living.
“This funding will allow the SCC to help individuals navigate the superannuation system by arming them with clear information and assisting on cases while also championing reform, particularly reform that will leave middle and low income Australians with more money in retirement,” Ms Mack commented.
“There are currently over 30 associations and bodies representing the industry interest but no specialist body to represent the authentic interests of consumers in this complex and deeply important market.”
RELATED ARTICLES
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
