New players in the superannuation sector Future Super and Verve Super will be scrutinised, along with Diversa Trustees, at the House of Representatives Standing Committee on Economics public hearing this Wednesday.
Committee Chair Mr Tim Wilson MP says the hearing will provide an opportunity to ask questions about these funds, their responses to the COVID-19 pandemic, and approaches to investing for the future prosperity of fund members.
'Although newer to the sector, it is vital that super funds are scrutinised and held to the standards that Australians expect from the custodians of their retirement. It is crucial that the superannuation sector is operating effectively, fairly, and to the benefit of fund members.'
'Following on from our hearings on 6 and 20 November 2020, the committee looks forward to continuing its exploration of issues in the superannuation sector, and to gaining a better understanding of these newer players in the competitive super field,' said Mr Wilson.
The hearing forms part of a broader review of Australia's four major banks and other financial institutions. Examination of these institutions will also include monitoring the financial sector's progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
A full program for the hearing is available on the committee's website.
Public hearing details
Date: Wednesday, 3 February 2021
Time: 11.00am to 1.00pm
Location: Videoconference
The hearing will be broadcast live at aph.gov.au/live.
