David Whiteley

In an unprecedented move for retail and industry superannuation, the Financial Services Council (FSC) and Industry Super Network (ISN) have today announced that they will work together on the critical issues for superannuation in Australia.

At the FSC’s Annual Conference in Brisbane today (Thursday) John Brogden, CEO of the Financial Services Council said: “The superannuation industry is now at the point of maturity where it must speak with a united voice.”

“ISN is here at our conference to symbolise a new relationship in superannuation policy in Australia.“

“On the eve of the election we are signalling to Canberra that the ISN and the FSC will work together on many key issues impacting fund members.”

“This is the start of a new era,” Mr Brogden said.” It is critical that we put our differences of the past aside and focus on building Australia’s next major export industry.”

“Because we have allowed ourselves to be divided, the significance of the industry and our prominence in the minds of government and consumers has been diminished. Ultimately, it is superannuation that suffer.”

“Superannuation funds are now worth $1.6 trillion. This is more than Australia’s gross domestic product and the capitalisation of the Australian Securities Exchange”.

David Whiteley, CEO of ISN said:

“A five year freeze by the super industry on advocating or supporting regulatory change – to emulate Treasurer Bowen’s proposal – will deliver to members certainty in the tax and regulatory settings.

“Industry Super Network and the Financial Services Council should lead the elevation of superannuation out of the political discourse and ensure policy making is considered, sector neutral and even handed.

“A clear message from our industry to the Australian public and policy makers that we have the future in our sights, and not the past, would be our lasting contribution to creating stability and certainty,” Mr Whiteley said.

Mr Brogden also said: “The full potential of Australia’s compulsory superannuation system can only be realised with a commitment to medium to long term policy settings that are sustainable, consistent with community expectations, and can attract bi-partisan support.”

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Greg Cooper

The Coalition’s financial services policies will deliver certainty and stability to Australian retirees that their superannuation will not be tinkered with, Greg Cooper, chairman of the Financial Services council and CEO of Schroders Australia said today.

Speaking at the FSC’s Annual Conference, Mr Cooper said: “As the second biggest financial asset for most Australians after the family home, stability in superannuation policy settings is essential.”

“We welcome the Coalition’s ‘no adverse changes’ commitment. This announcement, along with the Treasurer’s yesterday, will remove super from the annual Budget night uncertainty.”

“Lifting super from the annual uncertainty cycle is an outcome the wider superannuation industry supports,” Mr Cooper said.

He also thanked Senator Mathias Cormann, Shadow Minister for Financial Services and Superannuation, for his significant contribution to Australia’s financial services industry since his appointment in 2010.

“As a result of Senator Cormann’s leadership and heavy lifting, the Coalition has a set of well-developed policies in financial services,” Mr Cooper said.

“The FSC has been very supportive of the Coalition’s stated policy commitments including the continued development of Australia as a financial centre, substantial refinements of the Future of Financial Advice and Stronger Super reforms, introducing true competition in default superannuation; and commitment to no adverse changes to superannuation in the next Parliament.”

“But it’s not the industry that will ultimately be most grateful, it will be the retirees of the future that will derive the full benefit from this new consensus on super policy,” he said.

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