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The Government is arguing that the manner in which the Government has moved to include administration fees within the super fund performance test will strengthen the regime.
Thus, Outsider was amused to see Bragg working alongside former Transport Workers Union national secretary and now NSW Labor Senator, Tony Sheldon during the recent hearings of the Senate Economics Legislation Committee and the questioning of the FSC’s deputy chief executive, Blake Briggs.
With Bragg sitting in as acting chair of the committee, Sheldon did not miss his opportunity to nail his colours to the mast in the following exchange:
Senator Sheldon: I’ll make it a good one. This is for Senator Bragg, but my introduction will be that I was a member of TWUSuper. I’m still in TWUSuper, of which Senator Bragg is well aware.
Bragging about value for money | Super Review moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
Bragg also queried whether there were too many organisations seeking to represent the superannuation industry.
Later, answering a query from
Super Review, Bragg said the current situation of half a dozen industry organisations seeking to represent the industry was “intolerable and unsustainable”.
When the question of how many associations were active in seeking to represent the superannuation industry, the AMP represents acknowledged that “some consolidation would be sensible”.
The committee hearing heard from the Financial Services Council (FSC) that in terms of the proposed new legislative arrangements around members’ best financial interests, it was possible that superannuation funds could be challenged on whether their membership of particular industry associations was delivering members value for money.