The AFR reports this morning that Finance Minister Mathias Cormann is going after industry super funds if the Senate knocks back the regulatory changes he made to the FoFA changes last week.
The AFR says Cormann is targeting the “special deal” where industry super funds are exempted from opt-in and fee disclosure provisions under FoFA.
This new focus from Cormann comes after PUP leader Clive Palmer said, somewhat colourfully, that his party will not be supporting Cormann’s changes.
What I will do, if the Senate is indeed of the view for example that opt-in and retrospective fee disclosure requirements should stay in place for small business financial advisers, is consider whether in the interest of competitive neutrality, those requirements should apply equally across the financial services sector, including to all advice provided through industry funds.
On the face of it, Cormann’s changes seem fair if opt-in remains in place for all planners and fee disclosure becomes more transparent.
But there may also be a political angle here as industry super funds CEO David Whiteley has been one of the FoFA rollback’s biggest critics.
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