Original article by Simon Benson, Rosie Lewis
The Australian – Page: 1 & 4 : 12-Oct-18
Labor leader Bill Shorten has indicated that bank-owned superannuation funds could face tougher regulation under a Labor government. Noting the inherent of conflict of interests associated with profit-focused banks owning retail super funds, he said that one option could be a requirement that such funds appoint independent trustees. He also flagged the possibility of empowering the Australian Prudential Regulation Authority to sack trustees of super funds that consistently underperform.
AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, ONE NATION PARTY, CENTRE ALLIANCE