23 April 2018
ACTU Secretary Sally McManus has written to the CEOs of industry superannuation funds asking them to reconsider their relationships with dodgy banks in the wake of the scandals uncovered by the Banking Royal Commission.
In a letter sent to fund CEOs Ms McManus says that she has been appalled by the “outrageous and illegal behaviour” uncovered by the Royal Commission, which has included charging dead people for non-existent financial advice, deliberately dudding clients, ignoring and covering up fraud, leading people to financial ruin, lying to ASIC and charging the wrong interest rates.
The letter asks fund bosses to “review and consider these relationships [with lawbreaking banks] in accordance with your existing ESG policies”.
Industry Superannuation funds control the retirement savings of millions of Australians, worth a combined $590 billion.
They have consistently out-performed the for-profit funds run by the banks who are in the spotlight at the Royal Commission.
Quotes attributable to ACTU Secretary Sally McManus:
ACTU Secretary Sally McManus has written to the CEOs of industry superannuation funds asking them to reconsider their relationships with dodgy banks in the wake of the scandals uncovered by the Banking Royal Commission.
In a letter sent to fund CEOs Ms McManus says that she has been appalled by the “outrageous and illegal behaviour” uncovered by the Royal Commission, which has included charging dead people for non-existent financial advice, deliberately dudding clients, ignoring and covering up fraud, leading people to financial ruin, lying to ASIC and charging the wrong interest rates.
The letter asks fund bosses to “review and consider these relationships [with lawbreaking banks] in accordance with your existing ESG policies”.
Industry Superannuation funds control the retirement savings of millions of Australians, worth a combined $590 billion.
They have consistently out-performed the for-profit funds run by the banks who are in the spotlight at the Royal Commission.
Quotes attributable to ACTU Secretary Sally McManus:
- “Working people in Australia gave up pay rises in order to get universal superannuation off the ground to provide access to a dignified retirement for everyone.
- “In light of the revelations of the past weeks at the Banking Royal Commission, I am asking Industry Super Fund CEOs to reconsider their commercial relationships with banks.
- “The retirement savings of working people should not be used to prop organisations that house rotten, corrupt and unethical behaviours like those revealed over the past weeks at the Banking Royal Commission.”
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