The parliamentary inquiry into the structure and operation of the superannuation industry begins public hearings today with 13 groups requested to attend for further questioning.
The inquiry’s chairman Senator Grant Chapman said he would like to drill down into three main issues addressed in the submissions.
“I want to explore some of the corporate governance issues, the role of advice and its significance, and probably some of the reasons why self-managed super funds seem so popular compared with the retail and industry funds,” Chapman said.
After receiving almost 200 submissions, over half of which were a standard letter, 13 groups were selected to present on the written submissions.
“We selected those groups based on the information contained in their submission, particularly if it was relevant or worth exploring further, or gave rise to further questions,” Chapman said, adding that representative bodies were also deemed significant.
“We will question the witnesses on their submission and on information coming from other submissions, and how they react to them.”
Six groups will attend the hearing in Sydney today including industry bodies the FPA, the Association of Superannuation Funds of Australia, and the Investment and Financial Services Association.
Another seven groups are expected to present in Melbourne tomorrow, including super administrator Superpartners, and industry bodies CPA Australia, Australian Institute of Superannuation Trustees and Industry Funds Forum.
Only two standalone super funds, as opposed to funds represented by a network, were among the chosen 13. These were REST Superannuation and Equipsuper.
A third hearing in Canberra has been slated for November 20. While the final list of witnesses has not been finalised, Chapman expects government departments will present that day.
