Royal Commission To Examine Superannuation

The Commission has announced that the fifth round of public hearings will be held in Melbourne at the Owen Dixon Commonwealth Law Courts Building at 305 William Street from Monday 6 August to Friday 17 August 2018.

Looks like it will be another interesting ride!  The evidence of the regulators will be interesting.

This round of public hearings will consider how RSE Licensees fulfil their duties to members of regulated superannuation funds and the extent to which structural or governance arrangements may affect the fulfilment of those duties. The hearings will also consider related issues such as selling practices in relation to superannuation, the relationship between trustees and financial advisers, the current legal regime and the effectiveness of regulators.

The Commission presently intends to proceed by reference to the categories of issues set out below. Entities are named in alphabetical order and not the order in which evidence of those entities will be heard.

  Topic Case Studies
1. Duties of RSE Licensees (including structural and governance arrangements, the relationship between trustees and financial advisers and selling practices)
  • AMP Super and NM Super (AMP)
  • Australian Super
  • Catholic Super (CSF)
  • Colonial First State (CBA)
  • Electricity Supply Industry Superannuation (Qld)
  • Host-Plus
  • IOOF
  • Mercer
  • NULIS (MLC/NAB)
  • Onepath and Oasis (ANZ)
  • Suncorp
  • Sunsuper
  • United Super (CBUS)
2. Superannuation funds and Aboriginal and Torres Strait Islander members
  • QSuper
3. Effectiveness of superannuation regulators
  • APRA
  • ASIC

In addition, Counsel Assisting will tender statements from RSE Licensees not named above during the hearings. Further categories of issues, or entities for categories, may be included and the list above will be updated accordingly before the hearings commence.

Author: Martin North

Martin North is the Principal of Digital Finance Analytics

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