Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing this Friday.

Media release issue date: Wednesday, 18 November 2020

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing this Friday. Committee Chair Tim Wilson says Friday’s hearing will provide an opportunity to ask questions about superannuation funds’ response to COVID-19. ‘We are continuing our scrutiny of the super sector to ensure they’re putting members and members’ interests first. The significant numbers of Australians who have accessed their super during the pandemic highlights the need for the sector to be there for Australians when they need them.’ Mr Wilson said. 'Recently our scrutiny has raised questions about bonuses above $30 million for individual fund managers from the superannuation savings of Australians, prompted ASIC investigations into potential insider trading and anti-competitive behaviour within funds.' 'Following on from our hearing on 6 November, we are looking forward to exploring these and other super related topics further, as, particularly in times like these, it is crucial that the superannuation sector is operating effectively, fairly, and to the benefit of fund members.' The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the financial sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. A full program for the hearing is available on the committee’s website. Public hearing details Date: Friday, 20 November 2020 Time: 10.30am to 5.30pm Location: Videoconference The hearings will be broadcast live at aph.gov.au/live. For media comment Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday.

Media release issue date: Wednesday, 4 November 2020

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday. Committee Chair Tim Wilson says Friday’s hearing will provide an opportunity to ask questions about superannuation funds’ response to COVID-19. “Before COVID-19 we have been scrutinising the super sector to ensure they’re putting members and their interests first, and the significant number of Australians who have accessed their super during the pandemic highlights the need for the sector to be there when Australians need them”, Mr Wilson said. “The scrutiny the Economics Committee has applied to the sector has led the government to propose welcome reforms to ensure that funds are acting consistent with member’s best interests”. “Similarly, it is important that the sector is not using its leverage to achieve interests not aligned with financial returns for members, such as needless advertising for a compulsory product or to intimidate listed companies to be participants in public debate”. ‘I’m looking forward to exploring this topic further, as particularly in times like these it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members.’ The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. A full program for the hearing is available on the committee’s website. Public hearing details Date: Friday, 6 November 2020 Time: 10.30am to 4.45pm Location: Videoconference The hearings will be broadcast live at aph.gov.au/live. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587,  Email: economics.reps@aph.gov.au  

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on 10 September 2020, as part of the committee’s ongoing review of the four major banks and other financial institutions.

Media release issue date: Wednesday, 9 September 2020

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on 10 September 2020, as part of the committee’s ongoing review of the four major banks and other financial institutions. The Chair of the Committee, Mr Tim Wilson MP, said ‘these hearings are an important part of the committee’s scrutiny of the financial sector.’ ‘Due to the impact of the COVID-19 pandemic a significant number of Australians have accessed their super to support themselves during this difficult time. It is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members,’ said Mr Wilson. The committee’s examination of the groups will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Public hearing details Date: Thursday, 10 September 2020 Time: 10.00am to 4.45pm Location: Videoconference 10.00am—ISPT Pty Ltd 11.00am—Break 11.15am—Industry Super Holdings 12.15pm—Lunch break 1.15pm— Mine Super 2.00pm—Hostplus 2.45pm—Break 3.00pm—AMP 3.45pm—CBUS 4.45pm—Finish The hearings will be broadcast live at aph.gov.au/live. For media comment Please contact the Committee Chair Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au