The Minister for Superannuation Nick Sherry has warned of potential losses as a result of investment switching.
Switching to a conservative option or bank guaranteed deposits, in this time of volatility, has the potential to crystallise losses, Sherry said at the Association of Superannuation Funds of Australia (ASFA) conference on Friday.
He said it was important for the super industry to enforce the message of long-term savings to its members.
While this market turbulence has led to an upsurge of member engagement, the decisions made by people have not been the right ones, according to Sherry.
Consistent with the Government's focus on the long-term, Sherry said the Australian Prudential Regulation Authority will be required to produce a set of league tables outlining fund performance.
He said he will also be looking at engaging the Australian Taxation Office to produce similar data for self-managed superannuation funds.
The Government's position on intra-product advice will also be released shortly, Sherry said.
The measures will allow funds to provide simple advice to their members, about insurance and investment options.
Sherry supports ASIC's current move to allow funds to provide intra-fund advice, but said it should only be a short-term measure.
