Super Consumers Australia welcomes laws passed by Parliament late yesterday that will enhance consumer protections in the superannuation market.
Introduced by the Federal Government in response to key recommendations of the Banking Royal Commission, the laws include a ban on the unsolicited selling, or ‘hawking’, of superannuation products.
“Being sold into a poor quality super fund can have a devastating impact on financial security in retirement. With the proposed introduction of account stapling it becomes more important than ever that people aren’t sold into dud products”, says Xavier O’Halloran, Director of Super Consumers Australia.
The laws will also better equip the regulator to protect individual members who have had their retirement savings jeopardised by the misconduct of superannuation funds.
“Stronger scrutiny of the conduct of superannuation funds and their impact on individual members has been a long time coming”, says O’Halloran. “The new laws will help give consumers confidence that if something goes wrong the regulators are there to enforce the law.”
Super Consumers Australia was established in 2019 as an independent voice for consumers in superannuation. Its establishment funding is set to run out in December 2021
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