15 February 2018
The changes to superannuation that the Turnbull Government has listed for a vote today hand more power to the big banks.
The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 allows big banks running for-profit retirement schemes to get their hands on the nest eggs of working Australians more easily.
The change comes at a time when people are rightly suspicious of the banks, who are the subject of a Royal Commission into their malpractice.
At least one bank – Westpac – is under investigation by ASIC for using misleading and unethical tactics to push customers into underperforming for-profit retirement schemes over superior industry superannuation funds.
An ASIC report from January found that 75 percent of the advice banks gave customers regarding their retirement schemes breached their legal obligations, and 10 percent of it actively caused the customers to lose money.
Quotes attributable to ACTU Assistant Secretary, Scott Connolly:
The changes to superannuation that the Turnbull Government has listed for a vote today hand more power to the big banks.
The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 allows big banks running for-profit retirement schemes to get their hands on the nest eggs of working Australians more easily.
The change comes at a time when people are rightly suspicious of the banks, who are the subject of a Royal Commission into their malpractice.
At least one bank – Westpac – is under investigation by ASIC for using misleading and unethical tactics to push customers into underperforming for-profit retirement schemes over superior industry superannuation funds.
An ASIC report from January found that 75 percent of the advice banks gave customers regarding their retirement schemes breached their legal obligations, and 10 percent of it actively caused the customers to lose money.
Quotes attributable to ACTU Assistant Secretary, Scott Connolly:
- “The greed of the big banks knows no bounds. We know that. But the Turnbull Government wants to pass laws that make it easier for them to get their hands on our retirement savings.
- “Westpac is currently being investigated by ASIC for using misleading and underhanded tactics to push people into inferior for-profit super instead of member-owned industry super. They would benefit immensely from this law.
- “People don’t trust the big banks and they’re right not to. Malcolm Turnbull is a former banker and a close friend of the banks.
- “He is putting his banking friends ahead of working Australians once again.”
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