Cormann, ABA attack industry super

Finance Minister Mathias Cormann and the banking industry lobby have attacked the superannuation lobby for its attack on the government’s proposed changes to the Future of Financial Advice legislation.

Senator Cormann said Industry Super Australia, which released a report yesterday titled ‘Commissions By Another Name,’ was promoting vested commercial interests and had been “quite dishonest,” according to The Australian.

“All conflicted remuneration for financial advisers is and remains banned under our reforms of financial advice laws and the best interest duty stays,” he said.

Australian Bankers Association chief executive Steven Münchenberg similarly suggested the industry super funds were protecting their own interests.

“We are disappointed that the Industry Super Australia (ISA) continues to misrepresent banks and other financial services providers,” Mr Münchenberg said.

“The ISA is clearly running an anti-bank campaign which aims to scare consumers with misconceptions about bank practices and misinterpretations about the law. This campaign is merely an attack on businesses that are competitors to its members.”