Chairman of the Financial System Inquiry David Murray has indicated he probably won’t support a cap on superannuation fund rates, saying funds which perform should be able to charge higher fees.
At a Financial System Inquiry public briefing in Perth today, Murray took questions around the fee structures of superannuation funds which was raised as an area of concern in its interim report.
Murray said higher fees can be justified when funds are performing at a higher level.
“One of the reasons why governments are reluctant to put caps is because there are different users in the system that have different points of view. Some people believe you can reward skill in investing and do well as a consequence,” Murray said.
Murray will take questions at public briefings in each of Australia’s capital cities over the next fortnight.
There’s more here.
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